The Lincoln National Life Insurance Company

Consolidated Financial Statements

December 31, 2023 and 2022

Consolidated Financial Statements

Table of Contents

	Page
Report of Independent Registered Public Accounting Firm	3
Consolidated Balance Sheets	6
Consolidated Statements of Comprehensive Income (Loss)	7
Consolidated Statements of Stockholder’s Equity	8
Consolidated Statements of Cash Flows	9
Notes to Consolidated Financial Statements:	10
Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies	10
Note 2 – New Accounting Standards	26
Note 3 – Adoption of ASU 2018-12	27
Note 4 – Investments	35
Note 5 – Variable Interest Entities	45
Note 6 – Derivative Instruments	46
Note 7 – DAC, VOBA, DSI and DFEL	55
Note 8 – Reinsurance	58
Note 9 – Goodwill and Specifically Identifiable Intangible Assets	61
Note 10 – MRBs	62
Note 11 – Separate Accounts	64
Note 12 – Policyholder Account Balances	65
Note 13 – Future Contract Benefits	69
Note 14 – Short-Term and Long-Term Debt	74
Note 15 – Fair Value of Financial Instruments	77
Note 16 – Retirement and Deferred Compensation Plans	92
Note 17 – Stock-Based Incentive Compensation Plans	93
Note 18 – Contingencies and Commitments	94
Note 19 – Shares and Stockholder’s Equity	100
Note 20 – Segment Information	101
Note 21 – Realized Gain (Loss)	105
Note 22 – Commissions and Other Expenses	106
Note 23 – Federal Income Taxes	106
Note 24 – Statutory Information and Restrictions	108
Note 25 – Supplemental Disclosures of Cash Flow Data	110
Note 26 – Transactions with Affiliates	110
Note 27 – Subsequent Event	112

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Report of Independent Registered Public Accounting Firm

To the Stockholder and the Board of Directors of The Lincoln National Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of The Lincoln National Life Insurance Company (the Company) as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income (loss), stockholder’s equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes(collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

Adoption of ASU No. 2018-12

As discussed in Note 3 to the consolidated financial statements, on January 1, 2023, the Company adopted ASU No. 2018-12, Financial Services – Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts, with a transition date of January 1, 2021.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

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	Future Contract Benefits Liability
Description of the Matter	At December 31, 2023, future contract benefits liabilities totaled $40.2 billion, a portion of which related to universal life-type contracts with secondary guarantees. The future contract benefits liability related to these product guarantees is based on estimates of how much the Company will need to pay for future benefits and the amount of fees to be collected from policyholders for these policy features. As described in Notes 1 (see section on Future Contract Benefits), 3, and 13, to the consolidated financial statements, there is significant uncertainty inherent in estimating this liability because there is a significant amount of management judgment involved in developing certain assumptions that impact the liability balance, which include mortality rates and policyholder lapse behavior. Auditing the valuation of future contract benefits liabilities related to these products was complex and required the involvement of our actuarial specialists due to the high degree of judgment used by management in setting the assumptions used in the estimate of the future contract benefits liability related to these products.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the future contract benefits liability estimation processes, including, among others, controls related to the review and approval processes that management has in place for the assumptions used in estimating the benefit ratio related to the future contract benefits liability. This included testing controls related to management’s evaluation of the need to update assumptions based on the comparison of actual Company experience to previous assumptions. We involved actuarial specialists to assist with our audit procedures which included, among others, an evaluation of the methodology applied by management with those methods used in prior periods. To assess the significant assumptions used by management, we compared the significant assumptions noted above to historical experience and management’s estimates of prospective changes in these assumptions. In addition, we performed an independent recalculation of benefit ratio cash flows related to the future policy benefit reserves for a sample of cohorts or contracts which we compared to the actuarial model used by management.
	Market Risk Benefits
Description of the Matter	The Company’s market risk benefits (“MRBs”) assets and liabilities totaled $3.9 billion and $1.7 billion, as of December 31, 2023, respectively, a portion of which relates to MRBs associated with variable and fixed annuity contracts issued through separate accounts that may include guaranteed living benefit and guaranteed death benefit features. The Company’s ceded MRB assets and ceded MRB liabilities totaled $1.1 billion and $0.3 billion, as of December 31, 2023, respectively. As described in Notes 1 (see section on MRBs), 3, 10 and 15 to the consolidated financial statements, there is a significant amount of estimation uncertainty inherent in measuring the fair value of the MRBs because of the sensitivity of certain assumptions underlying the estimate, including equity market return, volatility, policyholder lapse and benefit utilization. Management’s assumptions are adjusted over time for emerging experience and expected changes in trends, resulting in changes to the estimated fair value of the MRBs. Auditing the valuation of the MRBs was complex and required the involvement of our actuarial specialists due to the high degree of judgment used by management in setting the assumptions used to estimate the fair value of MRBs.

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How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the MRBs estimation process, including, among others, controls related to the review and approval processes that management has in place to develop the assumptions used in measuring the fair value of the MRBs. This included testing controls related to management’s evaluation of current and future capital market performance and the need to update actuarial lapse and benefit utilization assumptions. We involved actuarial specialists to assist with our audit procedures which included, among others, an evaluation of the methodology applied by management with those methods used in prior periods. To assess the significant assumptions used by management, we compared the significant assumptions noted above to historical experience, observable market data or management’s estimates of prospective changes in these assumptions. In addition, we performed an independent recalculation of the MRBs for a sample of contracts which we compared to the fair value model used by management.
	Accounting for Reinsurance of Universal Life Insurance Products with Secondary Guarantees, MoneyGuard® and Fixed Annuities Blocks of Business
Description of the Matter	As discussed in Note 8 to the consolidated financial statements, in May 2023, the Company entered into a reinsurance agreement with Fortitude Reinsurance Company Ltd. (“Fortitude Re”) to cede in-force universal life insurance products with secondary guarantees (“ULSG”) and fixed annuities blocks of business to Fortitude Re with an effective date of October 1, 2023. A portion of the reinsurance agreement is accounted for using deposit accounting representing $4.2 billion of deposit assets as of December 31, 2023, with the remainder accounted for as reinsurance representing a $10.5 billion asset included in reinsurance recoverables and a $2.7 billion deferred loss included in other assets as of December 31, 2023. In conjunction with the Fortitude Re transaction, the Company entered into a reinsurance agreement with Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”) to cede certain blocks of in-force MoneyGuard® blocks of business to LNBAR with an effective date of October 1, 2023. The reinsurance agreement with LNBAR is accounted for using reinsurance accounting representing a $13.2 billion asset included in reinsurance recoverables and a $4.2 billion deferred gain included in other liabilities as of December 31, 2023. Auditing the reinsurance agreements was complex due to the multiple elements of the agreements, including the evaluation of deposit accounting versus reinsurance accounting for each line of business and determination of the reinsurance recoverables, deferred gain and loss, and deposit assets.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the accounting for the reinsurance agreements including, among others, controls related to the application of deposit or reinsurance accounting, the determination of the reinsurance recoverables, deferred gain and loss, and deposit assets. We involved actuarial specialists to assist with our audit procedures which included, among others, assessing and confirming the terms of the agreements with Fortitude Re and LNBAR, evaluating management’s risk transfer conclusion, testing the fair value of the consideration transferred, testing the calculation of the deferred gain and loss, and reconciling the deposit assets and reinsurance recoverables to the recorded reserves based on the terms of the reinsurance agreements.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1966.

Philadelphia, Pennsylvania

March 15, 2024

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THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

	As of December 31,
	2023		2022
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2023 - $88,231; 2022 - $110,944; allowance for credit losses: 2023 - $19; 2022 - $21)	$	82,300	$	99,465
Trading securities	2,321		3,446
Equity securities	306		427
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2023 - $288; 2022 - $487)	18,873		18,211
Policy loans	2,463		2,345
Derivative investments	6,305		3,519
Other investments	4,757		3,577
Total investments	117,325		130,990
Cash and invested cash	3,193		2,499
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,418		12,263
Reinsurance recoverables, net of allowance for credit losses	45,110		21,804
Deposit assets, net of allowance for credit losses	21,056		11,628
Market risk benefit assets	3,894		2,807
Accrued investment income	982		1,234
Goodwill	1,144		1,144
Other assets	10,597		7,677
Separate account assets	158,257		143,536
Total assets	$	373,976	$	335,582
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities
Policyholder account balances	$	120,316	$	113,972
Future contract benefits	40,174		38,302
Funds withheld reinsurance liabilities	13,628		8,255
Market risk benefit liabilities	1,716		2,078
Deferred front-end loads	5,923		5,115
Payables for collateral on investments	7,982		6,638
Short-term debt	840		562
Long-term debt	2,195		2,269
Other liabilities	12,438		6,251
Separate account liabilities	158,257		143,536
Total liabilities	363,469		326,978
Contingencies and Commitments (See Note 18)
Stockholder’s Equity
Common stock – 10,000,000 shares authorized, issued and outstanding	12,961		12,903
Retained earnings	(869)		1,414
Accumulated other comprehensive income (loss)	(1,585)		(5,713)
Total stockholder’s equity	10,507		8,604
Total liabilities and stockholder’s equity	$	373,976	$	335,582

See accompanying Notes to Consolidated Financial Statements

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THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

	For the Years Ended December 31,
	2023		2022		2021
Revenues
Insurance premiums	$	3,416	$	5,841	$	5,359
Fee income	5,168		5,366		5,766
Net investment income	5,712		5,274		5,839
Realized gain (loss)	(4,934)		418		859
Amortization of deferred gain (loss) on business sold through reinsurance	48		37		32
Other revenues	649		621		657
Total revenues	10,059		17,557		18,512
Expenses
Benefits	5,028		8,203		8,027
Interest credited	3,202		2,860		2,912
Market risk benefit (gain) loss	(1,135)		296		(1,554)
Policyholder liability remeasurement (gain) loss	(167)		2,445		(119)
Commissions and other expenses	5,249		4,927		5,011
Interest and debt expense	190		137		114
Spark program expense	153		167		87
Impairment of intangibles	–		634		–
Total expenses	12,520		19,669		14,478
Income (loss) before taxes	(2,461)		(2,112)		4,034
Federal income tax expense (benefit)	(673)		(437)		737
Net income (loss)	(1,788)		(1,675)		3,297
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)	4,942		(17,639)		(3,233)
Market risk benefit non-performance risk gain (loss)	(670)		(211)		(923)
Policyholder liability discount rate remeasurement gain (loss)	(145)		1,891		560
Funded status of employee benefit plans	1		(4)		3
Total other comprehensive income (loss), net of tax	4,128		(15,963)		(3,593)
Comprehensive income (loss)	$	2,340	$	(17,638)	$	(296)

See accompanying Notes to Consolidated Financial Statements

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THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

(in millions)

	For the Years Ended December 31,
	2023		2022		2021
Common Stock
Balance as of beginning-of-year	$	12,903	$	11,950	$	11,853
Capital contribution from Lincoln National Corporation	5		925		65
Stock compensation/issued for benefit plans	53		28		32
Balance as of end-of-year	12,961		12,903		11,950
Retained Earnings
Balance as of beginning-of-year	1,414		3,734		4,167
Cumulative effect from adoption of new accounting standards	–		–		(1,820)
Net income (loss)	(1,788)		(1,675)		3,297
Dividends paid to Lincoln National Corporation	(495)		(645)		(1,910)
Balance as of end-of-year	(869)		1,414		3,734
Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year	(5,713)		10,250		9,021
Cumulative effect from adoption of new accounting standards	–		–		4,822
Other comprehensive income (loss), net of tax	4,128		(15,963)		(3,593)
Balance as of end-of-year	(1,585)		(5,713)		10,250
Total stockholder’s equity as of end-of-year	$	10,507	$	8,604	$	25,934

See accompanying Notes to Consolidated Financial Statements

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Table of Contents

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	For the Years Ended December 31,
	2023		2022		2021
Cash Flows from Operating Activities
Net income (loss)	$	(1,788)	$	(1,675)	$	3,297
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	4,934		(418)		(859)
Market risk benefit (gain) loss	(1,135)		296		(1,554)
Sales and maturities (purchases) of trading securities, net	1,302		301		(87)
Amortization of deferred gain (loss) on business sold through reinsurance	(48)		(37)		(32)
Impairment of intangibles	–		634		–
Net operating cash payments related to closing Fortitude Re reinsurance transaction	(1,457)		–		–
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads	642		495		496
Accrued investment income	34		(41)		8
Insurance liabilities and reinsurance-related balances	(2,499)		652		(893)
Accrued expenses	223		(101)		377
Federal income tax accruals	(563)		(376)		708
Cash management agreement	(733)		3,730		(1,286)
Other	324		406		(351)
Net cash provided by (used in) operating activities	(764)		3,866		(176)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(10,713)		(14,768)		(16,856)
Sales of available-for-sale securities and equity securities	3,606		2,347		2,341
Maturities of available-for-sale securities	5,597		5,487		9,417
Purchases of alternative investments	(614)		(631)		(754)
Sales and repayments of alternative investments	111		441		377
Issuance of mortgage loans on real estate	(1,943)		(2,507)		(3,057)
Repayment and maturities of mortgage loans on real estate	1,266		2,247		1,873
Repayment (issuance) of policy loans, net	(120)		4		61
Net change in collateral on investments, certain derivatives and related settlements	(333)		(4,653)		3,095
Other	(352)		(40)		(253)
Net cash provided by (used in) investing activities	(3,495)		(12,073)		(3,756)
Cash Flows from Financing Activities
Capital contribution from Lincoln National Corporation	5		925		65
Payment of long-term debt, including current maturities	–		(40)		(60)
Issuance (payment) of short-term debt	228		(522)		587
Payment related to sale-leaseback transactions	(79)		(70)		(59)
Proceeds from certain financing arrangements	86		186		159
Payment related to certain financing arrangements	(49)		–		–
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction	133		–		–
Deposits of fixed account balances	16,388		16,186		13,409
Withdrawals of fixed account balances	(10,633)		(7,641)		(7,142)
Transfers from (to) separate accounts, net	(624)		19		(175)
Common stock issued for benefit plans	(7)		(21)		(13)
Dividends paid to Lincoln National Corporation	(495)		(645)		(1,910)
Other	–		(2)		(60)
Net cash provided by (used in) financing activities	4,953		8,375		4,801
Net increase (decrease) in cash, invested cash and restricted cash	694		168		869
Cash, invested cash and restricted cash as of beginning-of-year	2,499		2,331		1,462
Cash, invested cash and restricted cash as of end-of-year	$	3,193	$	2,499	$	2,331

See accompanying Notes to Consolidated Financial Statements

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THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies

Nature of Operations

The Lincoln National Life Insurance Company (“LNL” or the “Company,” which also may be referred to as “we,” “our” or “us”), a wholly-owned subsidiary of Lincoln National Corporation (“LNC” or the “Parent Company”), is domiciled in the state of Indiana. We own 100% of the outstanding common stock of one insurance company subsidiary, Lincoln Life & Annuity Company of New York (“LLANY”). We also own several non-insurance companies, including Lincoln Financial Distributors, our wholesale distributor, and Lincoln Financial Advisors Corporation, part of LNC’s retail distributor, Lincoln Financial Network. LNL is licensed and sells its products throughout the U.S. and several U.S. territories. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 20.

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”). Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized below.

Certain amounts reported in prior year’s Consolidated Balance Sheet have been reclassified to conform to the presentation adopted in the current year.

On January 1, 2023, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments (“ASU 2018-12”) with a transition date of January 1, 2021. ASU 2018-12 updated accounting and reporting requirements for long-duration contracts and certain investment contracts issued by insurance entities. We adopted ASU 2018-12 under the modified retrospective approach, except for market risk benefits (“MRBs”), which applied the full retrospective approach. Our consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2021.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment	Level of Aggregation
Annuities	Variable Annuities
	Fixed Annuities
	Payout Annuities
Life Insurance	Traditional Life
	UL and Other
Group Protection	Group Protection
Retirement Plan Services	Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business and not reflected in the results of the reportable segments listed above.

Sale of Wealth Management Business

On December 14, 2023, our parent company LNC announced that it had entered into a Stock Purchase Agreement with Osaic Holdings, Inc., a Delaware corporation (“Osaic”), pursuant to which Osaic agreed to acquire all of the ownership interests in the subsidiaries of LNC that comprise its wealth management business, including our subsidiary Lincoln Financial Advisors Corporation. We anticipate the

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transaction will close in the first half of 2024, subject to receipt of required regulatory approvals and satisfying other customary closing conditions.

As of December 31, 2023, we had assets of $120 million and liabilities of $77 million classified as held-for-sale and reported within other assets and other liabilities, respectively, on our Consolidated Balance Sheets. The assets are reported primarily within Other Operations in Note 20.

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of LNL and all other entities in which we have a controlling financial interest and any variable interest entities (“VIEs”) in which we are the primary beneficiary. We use the equity method of accounting to recognize all of our investments in limited partnerships (“LPs”). All material inter-company accounts and transactions have been eliminated in consolidation.

Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support or where investors lack certain characteristics of a controlling financial interest. We assess our contractual, ownership or other interests in a VIE to determine if our interest participates in the variability the VIE was designed to absorb and pass onto variable interest holders. We perform an ongoing qualitative assessment of our variable interests in VIEs to determine whether we have a controlling financial interest and would therefore be considered the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in the consolidated financial statements.

Accounting Estimates and Assumptions

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change. Actual results could differ from these estimates and assumptions. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, goodwill and other intangibles, MRBs, future contract benefits, income taxes including the recoverability of our deferred tax assets, and the potential effects of resolving litigated matters.

Business Combinations

We use the acquisition method of accounting for all business combination transactions, and accordingly, recognize the fair values of assets acquired, liabilities assumed and any noncontrolling interests in the consolidated financial statements. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date.

Fair Value Measurement

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset or non-performance risk, which would include our own credit risk. Our estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability, as opposed to the price that would be paid to acquire the asset or receive a liability (“entry price”). Pursuant to the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards CodificationTM (“ASC”), we categorize our financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique. The three-level hierarchy for fair value measurement is defined as follows:

•Level 1 – inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date, except for large holdings subject to “blockage discounts” that are excluded;

•Level 2 – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value can be determined through the use of models or other valuation methodologies; and

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•Level 3 – inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability, and we make estimates and assumptions related to the pricing of the asset or liability, including assumptions regarding risk.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. However, Level 3 fair value investments may include, in addition to the unobservable or Level 3 inputs, observable components, which are components that are actively quoted or can be validated to market-based sources.

Fixed Maturity Available-For-Sale Securities – Fair Valuation Methodologies and Associated Inputs

Securities classified as available-for-sale (“AFS”) consist of fixed maturity securities and are stated at fair value with unrealized gains and losses included within accumulated other comprehensive income (loss) (“AOCI”).

We measure the fair value of our securities classified as fixed maturity AFS based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity security, and we consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach that utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach primarily include third-party pricing services, independent broker quotations or pricing matrices. We do not adjust prices received from third parties; however, we do analyze the third-party pricing services’ valuation methodologies and related inputs and perform additional evaluation to determine the appropriate level within the fair value hierarchy.

The observable and unobservable inputs to our valuation methodologies are based on a set of standard inputs that we generally use to evaluate all of our fixed maturity AFS securities. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. In addition, market indicators, industry and economic events are monitored, and further market data is acquired if certain triggers are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. For private placement securities, we use pricing matrices that utilize observable pricing inputs of similar public securities and Treasury yields as inputs to the fair value measurement. Depending on the type of security or the daily market activity, standard inputs may be prioritized differently or may not be available for all fixed maturity AFS securities on any given day. For broker-quoted only securities, non-binding quotes from market makers or broker-dealers are obtained from sources recognized as market participants. For securities trading in less liquid or illiquid markets with limited or no pricing information, we use unobservable inputs to measure fair value.

The following summarizes our fair valuation methodologies and associated inputs, which are particular to the specified security type and are in addition to the defined standard inputs to our valuation methodologies for all of our fixed maturity AFS securities discussed above:

•Corporate bonds and U.S. government bonds – We also use Trade Reporting and Compliance EngineTM reported tables for our corporate bonds and vendor trading platform data for our U.S. government bonds.

•Mortgage- and asset-backed securities (“ABS”) – We also utilize additional inputs, which include new issues data, monthly payment information and monthly collateral performance, including prepayments, severity, delinquencies, step-down features and over collateralization features for each of our mortgage-backed securities (“MBS”), which include collateralized mortgage obligations and mortgage pass through securities backed by residential mortgages (“RMBS”), commercial mortgage-backed securities (“CMBS”) and collateralized loan obligations (“CLOs”).

•State and municipal bonds – We also use additional inputs that include information from the Municipal Securities Rule Making Board, as well as material event notices, new issue data, issuer financial statements and Municipal Market Data benchmark yields for our state and municipal bonds.

•Hybrid and redeemable preferred securities – We also utilize additional inputs of exchange prices (underlying and common stock of the same issuer) for our hybrid and redeemable preferred securities.

In order to validate the pricing information and broker-dealer quotes, we employ, where possible, procedures that include comparisons with similar observable positions, comparisons with subsequent sales and observations of general market movements for those security classes. We have policies and procedures in place to review the process that is utilized by our third-party pricing service and the output that is provided to us by the pricing service. On a periodic basis, we test the pricing for a sample of securities to evaluate the inputs and assumptions used by the pricing service, and we perform a comparison of the pricing service output to an alternative pricing source.  We

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also evaluate prices provided by our primary pricing service to ensure that they are not stale or unreasonable by reviewing the prices for unusual changes from period to period based on certain parameters or for lack of change from one period to the next. 

Fixed Maturity AFS Securities – Evaluation for Recovery of Amortized Cost

We regularly review our fixed maturity AFS securities (also referred to as “debt securities”) for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require a credit loss allowance.

For our debt securities, we generally consider the following to determine whether our debt securities with unrealized losses are credit impaired:

•The estimated range and average period until recovery;

•The estimated range and average holding period to maturity;

•Remaining payment terms of the security;

•Current delinquencies and nonperforming assets of underlying collateral;

•Expected future default rates;

•Collateral value by vintage, geographic region, industry concentration or property type;

•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

•Contractual and regulatory cash obligations.

For a debt security, if we intend to sell a security, or it is more likely than not we will be required to sell a debt security before recovery of its amortized cost basis and the fair value of the debt security is below amortized cost, we conclude that an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For debt securities where impairment has been recognized, the difference between the new amortized cost basis and the cash flows expected to be collected are accreted as interest income and recognized in net investment income on the Consolidated Statements of Comprehensive Income (Loss). If we do not intend to sell a debt security, or it is not more likely than not we will be required to sell a debt security before recovery of its amortized cost basis but the present value of the cash flows expected to be collected is less than the amortized cost of the debt security (referred to as the credit loss), we conclude that an impairment has occurred, and a credit loss allowance is recorded, with a corresponding charge to realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The remainder of the decline to fair value related to factors other than credit loss is recorded in other comprehensive income (“OCI”) to unrealized losses on fixed maturity AFS securities on the Consolidated Statements of Stockholder’s Equity, as this amount is considered a noncredit impairment.

When assessing our intent to sell a debt security, or if it is more likely than not we will be required to sell a debt security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sales of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. Management considers the following as part of the evaluation:

•The current economic environment and market conditions;

•Our business strategy and current business plans;

•The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk;

•Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies;

•The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of annuity contracts and life insurance policies;

•The capital risk limits approved by management; and

•Our current financial condition and liquidity demands.

In order to determine the amount of the credit loss for a debt security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying debt security. The effective interest rate is the original yield, or the coupon if the debt security was previously impaired. See the discussion below for additional information on the methodology and significant inputs, by security type, that we use to determine the amount of a credit loss.

To determine the recovery period of a debt security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:

•Historical and implied volatility of the security;

•The extent to which the fair value has been less than amortized cost;

•Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;

•Failure, if any, of the issuer of the security to make scheduled payments; and

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•Recoveries or additional declines in fair value subsequent to the balance sheet date.

In periods subsequent to the recognition of a credit loss impairment through a credit loss allowance, we continue to reassess the expected cash flows of the debt security at each subsequent measurement date as necessary. If the measurement of credit loss changes, we recognize a provision for (or reversal of) credit loss expense through realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss), limited by the amount that amortized cost exceeds fair value. Losses are charged against the allowance for credit losses when management believes the uncollectibility of a debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest on debt securities is written-off through net investment income on the Consolidated Statements of Comprehensive Income (Loss) when deemed uncollectible.

To determine the recovery value of a corporate bond or CLO, we perform additional analysis related to the underlying issuer including, but not limited to, the following:

•Fundamentals of the issuer to determine what we would recover if they were to file bankruptcy versus the price at which the market is trading;

•Fundamentals of the industry in which the issuer operates;

•Earnings multiples for the given industry or sector of an industry that the underlying issuer operates within, divided by the outstanding debt to determine an expected recovery value of the security in the case of a liquidation;

•Expected cash flows of the issuer (e.g., whether the issuer has cash flows in excess of what is required to fund its operations);

•Expectations regarding defaults and recovery rates;

•Changes to the rating of the security by a rating agency; and

•Additional market information (e.g., if there has been a replacement of the corporate debt security).

Each quarter, we review the cash flows for the MBS portfolio, including current credit enhancements and trends in the underlying collateral performance to determine whether or not they are sufficient to provide for the recovery of our amortized cost. To determine recovery value of a MBS, we perform additional analysis related to the underlying issuer including, but not limited to, the following:

•Discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover;

•Level of borrower creditworthiness of the home equity loans or residential mortgages that back an RMBS or commercial mortgages that back a CMBS;

•Susceptibility to fair value fluctuations for changes in the interest rate environment;

•Susceptibility to reinvestment risks, in cases where market yields are lower than the securities’ book yield earned;

•Susceptibility to reinvestment risks, in cases where market yields are higher than the book yields earned on a security;

•Expectations of sale of such a security where market yields are higher than the book yields earned on a security; and

•Susceptibility to variability of prepayments.

When evaluating MBS and mortgage-related ABS, we consider a number of pool-specific factors as well as market level factors when determining whether or not the impairment on the security requires a credit loss allowance. The most important factor is the performance of the underlying collateral in the security and the trends of that performance in the prior periods. We use this information about the collateral to forecast the timing and rate of mortgage loan defaults, including making projections for loans that are already delinquent and for those loans that are currently performing but may become delinquent in the future. Other factors used in this analysis include the credit characteristics of borrowers, geographic distribution of underlying loans and timing of liquidations by state. Once default rates and timing assumptions are determined, we then make assumptions regarding the severity of a default if it were to occur. Factors that impact the severity assumption include expectations for future home price appreciation or depreciation, loan size, first lien versus second lien, existence of loan level private mortgage insurance, type of occupancy and geographic distribution of loans. Once default and severity assumptions are determined for the security in question, cash flows for the underlying collateral are projected including expected defaults and prepayments. These cash flows on the collateral are then translated to cash flows on our tranche based on the cash flow waterfall of the entire capital security structure. If this analysis indicates the entire principal on a particular security will not be returned, the security is reviewed for a credit loss by comparing the expected cash flows to amortized cost. To the extent that the security has already been impaired through a credit loss allowance or was purchased at a discount, such that the amortized cost of the security is less than or equal to the present value of cash flows expected to be collected, no credit loss allowance is required. Otherwise, if the amortized cost of the security is greater than the present value of the cash flows expected to be collected, and the security was not purchased at a discount greater than the expected principal loss, then an impairment through a credit loss allowance is recognized.

We further monitor the cash flows of all of our debt securities backed by mortgages on an ongoing basis. We also perform detailed analysis on all of our subprime, Alt-A, non-agency residential MBS and on a significant percentage of our debt securities backed by pools of commercial mortgages. The detailed analysis includes revising projected cash flows by updating the cash flows for actual cash received and applying assumptions with respect to expected defaults, foreclosures and recoveries in the future. These revised projected cash flows are then compared to the amount of credit enhancement (subordination) in the structure to determine whether the amortized cost of the security is recoverable. If it is not recoverable, we record an impairment through a credit loss allowance for the security.

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Trading Securities

Trading securities consist of fixed maturity securities in designated portfolios, some of which support modified coinsurance and coinsurance with funds withheld reinsurance agreements. Investment results for the portfolios that support modified coinsurance and coinsurance with funds withheld reinsurance agreements, including gains and losses from sales, are passed directly to the reinsurers pursuant to contractual terms of the reinsurance agreements. Trading securities are carried at fair value, and changes in fair value and changes in the fair value of embedded derivative liabilities associated with the underlying reinsurance agreements are recorded in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) as they occur.

Equity Securities

Equity securities are carried at fair value, and changes in fair value are recorded in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) as they occur. Equity securities consist primarily of common stock of publicly-traded companies, privately placed securities and mutual fund shares. We measure the fair value of our equity securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the equity security. Fair values of publicly-traded equity securities are determined using quoted prices in active markets for identical or comparable securities. When quoted prices are not available, we use valuation methodologies most appropriate for the specific asset. Fair values for private placement securities are determined using discounted cash flow, earnings multiple and other valuation models. The fair values of mutual fund shares that transact regularly are based on transaction prices of identical fund shares.

Mortgage Loans on Real Estate

Mortgage loans on real estate consist of commercial and residential mortgage loans and are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans associated with modified coinsurance agreements at fair value where the fair value option has been elected. Interest income is accrued on the principal balance of the loan based on the loan’s contractual interest rate. Premiums and discounts are amortized using the effective yield method over the life of the loan. Interest income and amortization of premiums and discounts are reported in net investment income on the Consolidated Statements of Comprehensive Income (Loss) along with mortgage loan fees, which are recorded as they are incurred.

Our policy for commercial mortgage loans is to report loans that are 60 or more days past due, which equates to two or more payments missed, as delinquent. Our policy for residential mortgage loans is to report loans that are 90 or more days past due, which equates to three or more payments missed, as delinquent. We do not accrue interest on loans 90 days past due, and any interest received on these loans is either applied to the principal or recorded in net investment income on the Consolidated Statements of Comprehensive Income (Loss) when received, depending on the assessment of the collectability of the loan. We resume accruing interest once a loan complies with all of its original terms or restructured terms. Mortgage loans deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are likewise credited to the allowance for credit losses. Accrued interest on mortgage loans is written-off when deemed uncollectible.

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. Our model estimates expected credit losses over the contractual terms of the loans, which are the periods over which we are exposed to credit risk, adjusted for expected prepayments. Credit loss estimates are segmented by commercial mortgage loans, residential mortgage loans, and unfunded commitments related to commercial mortgage loans.

The allowance for credit losses for pooled loans of similar risk (i.e., commercial and residential mortgage loans) is estimated using relevant historical credit loss information adjusted for current conditions and reasonable and supportable forecasts of future conditions. Historical credit loss experience provides the basis for the estimation of expected credit losses with adjustments for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term lengths as well as adjustments for changes in environmental conditions, such as unemployment rates, property values, or other factors that management deems relevant. We apply probability weights to the positive, base and adverse scenarios we use. For periods beyond our reasonable and supportable forecast, we use implicit mean reversion over the remaining life of the recoverable, meaning our model will inherently revert to the baseline scenario as the baseline is representative of the historical average over a longer period of time.

Loans are considered impaired when it is probable that, based upon current information and events, we will be unable to collect all amounts due under the contractual terms of the loan agreement. When we determine that a loan is impaired, a specific credit loss allowance is established for the excess carrying value of the loan over its estimated value. The loan’s estimated value is based on: the present value of expected future cash flows discounted at the loan’s effective interest rate; the loan’s observable market price; or the fair value of the loan’s collateral.

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Allowance for credit losses are maintained at a level we believe is adequate to absorb current expected lifetime credit losses. Our periodic evaluation of the adequacy of the allowance for credit losses is based on historical loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay (including the timing of future payments), the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions, reasonable and supportable forecasts about the future and other relevant factors.

Mortgage loans on real estate are presented net of the allowance for credit losses on the Consolidated Balance Sheets. Changes in the allowance are reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). Mortgage loans on real estate deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged-off and expected to be charged-off.

Our commercial loan portfolio is primarily comprised of long-term loans secured by existing commercial real estate. We believe all of the commercial loans in our portfolio share three primary risks: borrower credit worthiness; sustainability of the cash flow of the property; and market risk; therefore, our methods of monitoring and assessing credit risk are consistent for our entire portfolio.

For our commercial mortgage loan portfolio, trends in market vacancy and rental rates are incorporated into the analysis that we perform for monitored loans and may contribute to the establishment of (or an increase or decrease in) an allowance for credit losses. In addition, we review each loan individually in our commercial mortgage loan portfolio on an annual basis to identify emerging risks. We focus on properties that experienced a reduction in debt-service coverage or that have significant exposure to tenants with deteriorating credit profiles. Where warranted, we establish or increase a credit loss allowance for a specific loan based upon this analysis.

We measure and assess the credit quality of our commercial mortgage loans by using loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value at origination of the underlying property collateralizing the loan and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the principal amount is greater than the collateral value. Therefore, all else being equal, a lower loan-to-value ratio generally indicates a higher quality loan. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments. Debt-service coverage ratios of less than 1.0 indicate that property operations do not generate enough income to cover its current debt payments. Therefore, all else being equal, a higher debt-service coverage ratio generally indicates a higher quality loan. These credit quality metrics are monitored and reviewed at least annually.

We have off-balance sheet commitments related to commercial mortgage loans. As such, an allowance for credit losses is developed based on the commercial mortgage loan process outlined above, along with an internally developed conversion factor.

Our residential loan portfolio is primarily comprised of first lien mortgages secured by existing residential real estate. In contrast to the commercial mortgage loan portfolio, residential mortgage loans are primarily smaller-balance homogenous loans that share similar risk characteristics. Therefore, these pools of loans are collectively evaluated for inherent credit losses. Such evaluations consider numerous factors, including, but not limited to borrower credit scores, collateral values, loss forecasts, geographic location, delinquency rates and economic trends. These evaluations and assessments are revised as conditions change and new information becomes available, including updated forecasts, which can cause the allowance for credit losses to increase or decrease over time as such evaluations are revised. Generally, residential mortgage loan pools exclude loans that are nonperforming, as those loans are evaluated individually using the evaluation framework for specific allowance for credit losses described above.

For residential mortgage loans, our primary credit quality indicator is whether the loan is performing or nonperforming. We generally define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status. There is generally a higher risk of experiencing credit losses when a residential mortgage loan is nonperforming. We monitor and update aging schedules and nonaccrual status on a monthly basis.

Policy Loans

Policy loans represent loans we issue to policyholders that use the cash surrender value of their life insurance policy as collateral. Policy loans are carried at unpaid principal balances.

Derivative Instruments

We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk by entering into derivative transactions. Our derivative instruments are recognized as either assets or liabilities on the Consolidated Balance Sheets at estimated fair value. We have master netting agreements with each of our derivative counterparties that allow for the netting of our derivative asset and liability positions by counterparty. We categorize derivatives into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique as discussed above in “Fair Value Measurement.” The accounting for changes in the estimated fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. For those derivative instruments that are designated and

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qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged: as a cash flow hedge or a fair value hedge.

For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into net income in the same period or periods during which the hedged transaction affects net income. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in net income during the period of change in estimated fair values. For derivative instruments not designated as hedging instruments, but that are economic hedges, the gain or loss is recognized in net income.

We purchase and issue financial instruments and products that contain embedded derivative instruments that are recorded with the associated host contract. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes and reported within other assets or other liabilities on the Consolidated Balance Sheets. The embedded derivative is carried at fair value with changes in fair value recognized in net income during the period of change.

We employ several different methods for determining the fair value of our derivative instruments. The fair value of our derivative contracts are measured based on current settlement values, which are based on quoted market prices, industry standard models that are commercially available and broker quotes. These techniques project cash flows of the derivatives using current and implied future market conditions. We calculate the present value of the cash flows to measure the current fair market value of the derivative.

Other Investments

Other investments consist primarily of alternative investments, cash collateral receivables related to our derivative instruments, Federal Home Loan Bank (“FHLB”) common stock and short-term investments.

Alternative investments consist primarily of investments in LPs. We account for our investments in LPs using the equity method to determine the carrying value. Recognition of alternative investment income is delayed due to the availability of the related financial statements, which are generally obtained from the partnerships’ general partners. As a result, our private equity investments are generally on a three-month delay and our hedge funds are on a one-month delay. In addition, the impact of audit adjustments related to completion of calendar-year financial statement audits of the investees are typically received during the second quarter of each calendar year. Accordingly, our investment income from alternative investments for any calendar-year period may not include the complete impact of the change in the underlying net assets for the partnership for that calendar-year period.

In uncleared derivative transactions, we and the counterparty enter into a credit support annex requiring either party to post collateral, which may be in the form of cash, equal to the net derivative exposure. Cash collateral we have posted to a counterparty is recorded within other investments. Cash collateral a counterparty has posted is recorded within payables for collateral on investments. We also have investments in FHLB common stock, carried at cost, that enable access to the FHLB lending program. For more information on our collateralized financing arrangements, see “Payables for Collateral on Investments” below.

Short-term investments consist of securities with original maturities of one year or less, but greater than three months. Securities included in short-term investments are carried at fair value, with valuation methods and inputs consistent with those applied to fixed maturity AFS securities.

Cash and Invested Cash

Cash and invested cash is carried at cost and includes all highly liquid debt instruments purchased with an original maturity of three months or less.

DAC, VOBA, DSI and DFEL

Acquisition costs directly related to successful contract acquisitions or renewals of annuities, UL, VUL, traditional life insurance, group life and disability insurance and other investment contracts have been deferred (i.e., deferred acquisition costs or “DAC”). Such acquisition costs are capitalized in the period they are incurred and primarily include commissions, certain bonuses, a portion of total compensation and benefits of certain employees involved in the acquisition process and medical and inspection fees. Value of business acquired (“VOBA”) is an intangible asset that reflects the estimated fair value of in-force contracts in a life insurance company acquisition and represents the portion of the purchase price that is allocated to the value of the right to receive future cash flows from the business in force at the acquisition date. Bonus credits and excess interest for dollar cost averaging contracts are considered deferred sales inducements (“DSI”) and reported in deferred acquisition costs, value of business acquired and deferred sales inducements on the

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Consolidated Balance Sheets. Contract sales charges that are collected in the early years of an insurance contract are deferred and reported as deferred front-end loads (“DFEL”) on the Consolidated Balance Sheets.

DAC, VOBA, DSI and DFEL amortization is reported within the following financial statement line items on the Consolidated Statements of Comprehensive Income (Loss):

•DAC and VOBA – commissions and other expenses

•DSI – interest credited

•DFEL – fee income

DAC, VOBA, DSI and DFEL are amortized on a constant level basis relative to the insurance in force over the expected term of the related contracts using the groupings and actuarial assumptions that are consistent with those used for calculating the related policyholder liability balances. Actuarial assumptions include, but are not limited to, mortality, morbidity and certain policyholder behaviors such as persistency, which are adjusted for emerging experience and expected trends of the related long-duration insurance contracts and certain investment contracts by each reportable segment. During the third quarter of each year, we conduct our comprehensive review and update these actuarial assumptions. We may update our actuarial assumptions in other quarters as we become aware of information that warrants updating outside of our comprehensive review. These resulting changes are applied prospectively.

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by reportable segment:

Reportable Segment	Amortization Basis	Expected Amortization Period
Annuities	Total deposits paid to date on policies in force	Between 30 to 40 years
Life Insurance	Policy count of policies in force	On average 60 years
Group Protection	Group certificate contracts in force	4 years
Retirement Plan Services	Lives in force	Between 40 to 50 years

We account for modifications of insurance contracts that result in a substantially unchanged contract as a continuation of the replaced contract. We account for modifications of insurance contracts that result in a substantially changed contract as an extinguishment of the replaced contract.

For reinsurance transactions where we receive proceeds that represent recovery of our previously incurred acquisition costs, we reduce the applicable unamortized acquisition cost such that net acquisition costs are capitalized and charged to commissions and other expenses.

Reinsurance

We and LLANY enter into reinsurance agreements in the normal course of business to limit our exposure to the risk of loss and to enhance our capital management.

In order for a reinsurance agreement to qualify for reinsurance accounting, the agreement must satisfy certain risk transfer conditions that include, among other items, a reasonable possibility of a significant loss for the assuming entity. When we apply reinsurance accounting, insurance premiums, benefits and DAC and VOBA amortization are reported net of reinsurance ceded, as applicable, on the Consolidated Statements of Comprehensive Income (Loss). Amounts currently recoverable, such as ceded reserves, other than ceded MRBs, are reported in reinsurance recoverables, and amounts currently payable to the reinsurers, such as premiums, are included in other liabilities on the Consolidated Balance Sheets.

In a modified coinsurance or coinsurance with funds withheld reinsurance structured agreement, the investments that would have been sent to the reinsurer as premiums are withheld by us and remain on our Consolidated Balance Sheets, with the existing accounting maintained. A corresponding liability is recognized on our Consolidated Balance Sheets within funds withheld reinsurance liabilities representing our obligation to pay the reinsurer. This liability includes embedded derivatives, which are total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. The changes in the embedded derivative liabilities are reported within realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

We use deposit accounting to recognize reinsurance agreements that do not transfer significant insurance risk. This accounting treatment results in amounts paid or received by us to be considered on deposit with the reinsurer and such amounts are reported in deposit assets, net of allowance for credit losses and other liabilities, respectively, on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, deposit assets or liabilities are adjusted.

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Reinsurance recoverables are measured and recognized consistent with the liabilities related to the underlying contracts. The interest assumption used for discounting reinsurance recoverables associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts is the upper-medium grade fixed income instrument (“single-A”) interest rate locked-in at the reinsurance contract issuance date. We remeasure reinsurance recoverables associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts with the current single-A interest rate as of the end of each reporting period. Ceded MRBs are accounted for separately from reinsurance recoverables. See “MRBs” below for additional information.

We estimated an allowance for credit losses for all reinsurance recoverables and related reinsurance deposit assets held by our subsidiaries, other than ceded MRB assets. As such, we performed a quantitative analysis using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. The credit loss allowance is a general allowance for pools of receivables with similar risk characteristics segmented by credit risk ratings and receivables assessed on an individual basis that do not share similar risk characteristics where we anticipate a credit loss over the life of reinsurance-related assets, other than ceded MRB assets.

Our model uses relevant internal or external historical loss information adjusted for current conditions and reasonable and supportable forecasts of future events and conditions in developing our credit loss estimate. We utilized historical credit rating data to form an estimation of probability of default of counterparties by means of a transition matrix that provides the rates of credit migration for credit ratings transitioning to impairment. We updated reinsurer credit ratings during the period to incorporate the most up-to-date information on the current state of the financial stability of our reinsurers. To simulate changes in economic conditions, we used positive, base and adverse scenarios that include varying levels of loss given default assumptions to reflect the impact of changes in severity of losses. We applied probability weights to the positive, base and adverse scenarios. For periods beyond our reasonable and supportable forecasts, we used implicit mean reversion over the remaining life of the recoverable. Additionally, we considered factors that impact our exposure at default that are driven by actuarial expectations around term assumptions rather than being directly driven by market or economic environment.

Our model estimates the expected credit losses over the life of the reinsurance asset. Credit loss estimates are segmented based on counterparty credit risk. Our modeling process utilizes counterparty credit ratings, collateral types and amounts, and term and run-off assumptions. For reinsurance recoverables that do not share similar risk characteristics, we assessed on an individual basis to determine a specific credit loss allowance.

We estimated expected credit losses over the contractual term of the recoverable, which is the period during which we are exposed to the credit risk. Reinsurance recoverables may not have explicit contractual lives, but are tied to the underlying insurance products; as a result, we estimated the contractual life by utilizing actuarial estimates of the timing of payouts related to those underlying products.

Reinsurance agreements often require the reinsurer to collateralize the recoverable with funds in a trust account or with a letter of credit for the benefit of the ceding insurance entity that can reduce the expected credit losses on a given agreement. As such, we review reinsurance collateral by individual agreement to sensitize risk of loss based on level of collateralization. This review is driven by the assumption that non-collateralized reinsurance recoverables would have materially higher losses in times of default. Therefore, reinsurance recoverables are pooled as either fully-collateralized or non-collateralized.

Reinsurance recoverables are presented net of the allowance for credit losses on the Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). Reinsurance recoverables deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged-off and expected to be charged-off.

Where applicable, gains or losses recognized on reinsurance transactions are deferred and amortized into net income (loss) using an amortization basis reflective of the characteristics of the underlying ceded business. Our deferred gains and losses on reinsurance of our interest-sensitive life insurance products are recognized over the projected life of the policies, based on projected profitability or projected reserve development for blocks with negative profitability. Our deferred gains and losses on reinsurance of our annuity products are recognized over the period in which the majority of account balances is expected to run off. Deferred gains and losses are reported within other liabilities and other assets, respectively, on the Consolidated Balance Sheets.

Goodwill

We recognize the excess of the purchase price, plus the fair value of any noncontrolling interest in the acquiree, over the fair value of identifiable net assets acquired as goodwill. Goodwill is not amortized, but is reviewed for impairment annually as of October 1 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

We perform a quantitative goodwill impairment test where the fair value of the reporting unit is determined and compared to the carrying value of the reporting unit. If the carrying value of the reporting unit is greater than the reporting unit’s fair value, goodwill is impaired

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and written down to the reporting unit’s fair value; and a charge is reported in impairment of intangibles on the Consolidated Statements of Comprehensive Income (Loss). The results of one goodwill impairment test on one reporting unit cannot subsidize the results of another reporting unit.

Other Assets and Other Liabilities

Other assets consist primarily of deferred loss on business sold through reinsurance, certain reinsurance assets, property and equipment, balances associated with corporate-owned and bank-owned life insurance, premiums and fees receivable, receivables resulting from sales of securities that had not yet settled as of the balance sheet date, current and deferred taxes, specifically identifiable intangible assets, funds withheld reinsurance assets, ceded MRB liabilities, operating lease right-of-use (“ROU”) assets, finance lease assets and other receivables and prepaid expenses. Other liabilities consist primarily of deferred gain on business sold through reinsurance, ceded MRB assets, pension and other employee benefit liabilities, certain financing arrangements, payables resulting from purchases of securities that had not yet settled as of the balance sheet date, derivative instrument liabilities, other policyholder liabilities, certain reinsurance payables, long-term operating lease liabilities, finance lease liabilities and other accrued expenses.

The carrying values of specifically identifiable intangible assets are reviewed at least annually for indicators of impairment in value that are related to credit loss or non-credit, including unexpected or adverse changes in the following: the economic or competitive environments in which the company operates; profitability analyses; cash flow analyses; and the fair value of the relevant business operation. If there was an indication of impairment, then the discounted cash flow method would be used to measure the impairment, and the carrying value would be adjusted as necessary and reported in impairment of intangibles on the Consolidated Statements of Comprehensive Income (Loss). Sales force intangibles are attributable to the value of the new business distribution system acquired through business combinations. These assets are amortized on a straight-line basis over their useful life of 25 years. Specifically identifiable intangible assets also includes the value of customer relationships acquired (“VOCRA”) and value of distribution agreements (“VODA”). The carrying values of VOCRA and VODA are amortized using a straight-line basis over their weighted average life of 20 years and 13 years, respectively. See Note 9 for more information regarding specifically identifiable intangible assets.

Property and equipment owned for company use is carried at cost less allowances for depreciation. Provisions for depreciation of investment real estate and property and equipment owned for company use are computed principally on the straight-line method over the

estimated useful lives of the assets, which include buildings, computer hardware and software and other property and equipment. Certain assets on the Consolidated Balance Sheets are related to finance leases and certain financing arrangements and are depreciated in a manner consistent with our current depreciation policy for owned assets. We periodically review the carrying value of our long-lived assets, including property and equipment, for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. For long-lived assets to be held and used, impairments are recognized when the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

Long-lived assets to be disposed of by abandonment or in an exchange for a similar productive long-lived asset are classified as held-for-use until they are disposed. Long-lived assets to be sold are classified as held-for-sale and are no longer depreciated. Certain criteria have to be met in order for the long-lived asset to be classified as held-for-sale, including that a sale is probable and expected to occur within one year. Long-lived assets classified as held-for-sale are recorded at the lower of their carrying amount or fair value less cost to sell.

We lease office space and certain equipment under various long-term lease agreements. We determine if an arrangement is a lease at inception. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate at the commencement date in determining the present value of future payments. The ROU asset is calculated using the lease liability carrying amount, plus or minus prepaid/accrued lease payments, minus the unamortized balance of lease incentives received, plus unamortized initial direct costs. Lease terms used to calculate our lease obligation include options when we are reasonably certain that we will exercise such options. Our lease agreements may contain both lease and non-lease components, which are accounted for separately. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Separate Account Assets and Liabilities

Separate accounts represent segregated funds that are maintained to meet specific investment objectives of policyholders who direct the investments and bear the investment risk, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

We report separate account assets as a summary total on the Consolidated Balance Sheets based on the fair value of the underlying investments. The underlying investments consist primarily of mutual funds, fixed maturity AFS securities, short-term investments and cash. Investment income and net realized and unrealized gains (losses) of the separate accounts generally accrue directly to the

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policyholders; therefore, they are not reflected on the Consolidated Statements of Comprehensive Income (Loss), and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. Asset-based fees and contract administration charges (collectively referred to as “policyholder assessments”) are assessed against the accounts and included within fee income on the Consolidated Statements of Comprehensive Income (Loss). An amount equivalent to the separate account assets is recorded as separate account liabilities, representing the account balance obligated to be returned to the policyholder.

Policyholder Account Balances

Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. The liability for policyholder account balances includes UL and VUL and investment-type annuity products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, policyholder assessments, as well as amounts representing the fair value of embedded derivative instruments associated with our IUL and indexed annuity products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models used in estimating these embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.

Future Contract Benefits

Future contract benefits represent liability reserves, including liability for future policy benefits (“LFPB”), liability for future claims reserves and additional liability for other insurance benefits that we have established and carry based on estimates of how much we will need to pay for future benefits and claims.

The LFPB associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts is measured using a net premium ratio approach. This approach accrues expected benefits and claims in proportion to the premium revenue recognized. For life-contingent payout annuity contracts with limited premium payments, as premium collection is not the completion of the earnings process, gross premiums in excess of net premiums are deferred. This excess of gross premiums received over the related net premiums is referred to as the deferred profit liability (“DPL”). The DPL is included in the LFPB, and profits are recognized over the life of the contracts.

In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. Factors that we consider in determining cohorts include, but are not limited to, our contract classification and issue year requirements, product risk characteristics, assumptions and modeling level used in the valuation systems. The net premium ratio is capped at 100% at the individual cohort level. Expected benefits and claims in excess of premium revenue recognized are expensed immediately.

We use actuarial assumptions to best estimate future premium and benefit cash flows (“cash flow assumptions”) as well as the actual historical cash flows received and paid to derive a net premium ratio in measuring the LFPB. These actuarial assumptions include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions (excluding the claims settlement expense assumption that is locked in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the net premium ratio for actual experience. The remeasurement of LFPB for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

We evaluate the liability for future claims on our long-term life and disability group products. Given the term and renewal features of our product and funding nature of the associated premiums, we have determined that the liability value is generally zero for policies that are not on claim. Therefore, the liability for future claims represents future payments on claims for which a disability event has occurred as of the valuation date. In measuring the liability for future claims, we establish cohorts similar to the process described above and use actuarial assumptions primarily based on claim termination rates, offsets for other insurance including social security and long-term disability incidence and severity assumptions. Cash flow assumptions are subject to the comprehensive review process discussed above. On a quarterly basis, the liability for future claims is updated for actual claims experience. The remeasurement of the liability for future claims for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

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We use the single-A interest rate curve to discount cash flows used to calculate the LFPB and the liability for future claims. This curve is developed using the upper-medium grade (low credit risk) fixed-income instrument yields that are intended to reflect the duration characteristics of the applicable insurance liabilities.

We issue UL contracts with separate accounts that may include various types of guaranteed benefits that are not accounted for as MRBs or embedded derivatives. These guaranteed benefits require an additional liability that is calculated by estimating the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract (“benefit ratio”) multiplied by the cumulative assessments recorded from the contract inception through the balance sheet date less the cumulative payments plus interest on the liability. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the benefit ratio for actual experience. The remeasurement of additional liability for both assumptions and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). As future cash flow assumption and experience updates result in changes in expected benefit payments or assessments, the benefit ratio is recalculated using the updated expected benefit payments and assessments over the life of the contract since inception. The revised benefit ratio is then applied to the liability calculation described above.

Premium deficiency testing is performed for interest-sensitive life products periodically using best estimate assumptions as of the testing date to test the adequacy and appropriateness of the established net reserve (i.e., GAAP reserves net of any DSI or VOBA assets). The premium deficiency test is also performed using a discount rate based on the average crediting rate. A premium deficiency exists when

the net reserve plus the present value of expected future gross premiums are determined to be insufficient to cover expected future benefits and non-level expenses.

The business written or assumed by us includes participating life insurance contracts, under which the policyholder is entitled to share in the earnings of such contracts via receipt of dividends. The dividend scale for participating policies is reviewed annually and may be adjusted to reflect recent experience and future expectations. As of December 31, 2023, 2022 and 2021, participating policies comprised less than 1% of the face amount of business in force, and dividend expenses were $41 million, $49 million and $48 million for the years ended December 31, 2023, 2022 and 2021, respectively.

MRBs

MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. MRBs do not include the death benefit component of a life insurance contract (i.e., the difference between the account balance and the death benefit amount). All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Consolidated Balance Sheets.

We issue variable and fixed annuity contracts that may include various types of guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders that we have classified as MRBs. For contracts that contain multiple features that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements. Ceded MRB liabilities are included in other assets and ceded MRB assets are included in other liabilities on the Consolidated Balance Sheets.

MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties’ non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, policyholder behavior (e.g., policy lapse, rider utilization, etc.) mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions and projection models used in estimating these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. The assumptions for our own non-performance risk and our counterparties’ non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our and our counterparties’ risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. For information on fair value inputs, see Note 15.

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Short-Term and Long-Term Debt

Short-term debt has contractual or expected maturities of one year or less. Long-term debt has contractual or expected maturities greater than one year.

Payables for Collateral on Investments

When we enter into collateralized financing transactions on our investments, a liability is recorded equal to the cash or non-cash collateral received. This liability is included within payables for collateral on investments on the Consolidated Balance Sheets. Income and expenses associated with these transactions are recorded as investment income and investment expenses within net investment income on the Consolidated Statements of Comprehensive Income (Loss). Changes in payables for collateral on investments are reflected within cash flows from investing activities on the Consolidated Statements of Cash Flows.

Contingencies and Commitments

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Contingencies arising from environmental remediation costs, regulatory judgments, claims, assessments, guarantees, litigation, recourse reserves, fines, penalties and other sources are recorded when deemed probable and reasonably estimable, based on our best estimate.

Fee Income

Fee income for investment and interest-sensitive life insurance contracts consists of asset-based fees, percent of premium charges, contract administration charges and surrender charges that are assessed against policyholder account balances. Investment products consist primarily of individual and group variable and fixed annuities. Interest-sensitive life insurance products include UL, VUL, linked-benefit UL and VUL and other interest-sensitive life insurance policies. These products include life insurance sold to individuals, corporate-owned life insurance and bank-owned life insurance.

The timing of revenue recognition as it relates to fees assessed on investment contracts is determined based on the nature of such fees. Asset-based fees and contract administration charges are assessed on a daily or monthly basis and recognized as revenue as performance obligations are met, over the period underlying customer assets are owned or advisory services are provided. Percent of premium charges are assessed at the time of premium payment and recognized as revenue when assessed and earned. Certain amounts assessed that represent compensation for services to be provided in future periods are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are recognized upon surrender of a contract by the policyholder in accordance with contractual terms. For investment and interest-sensitive life insurance contracts, the amounts collected from policyholders are considered deposits and are not included in revenue.

Wholesaling-related 12b-1 fees received from separate account fund sponsors as compensation for servicing the underlying mutual funds are recorded as revenues based on a contractual percentage of the market value of mutual fund assets over the period shares are owned by customers. Net investment advisory fees related to asset management of certain separate account funds are recorded as revenues based on a contractual percentage of the customer’s managed assets over the period advisory services are provided. Fee income related to 12b-1 fees and net investment advisory fees, reported primarily within our Annuities segment, was $715 million, $743 million and $848 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Insurance Premiums

Insurance premiums consist primarily of group insurance products, payout annuities with life contingencies and traditional life insurance. These insurance premiums are recognized as revenue when due.

Net Investment Income

We earn investment income on the underlying general account investments supporting our fixed products less related expenses. Dividends and interest income, recorded in net investment income, are recognized when earned. Amortization of premiums and accretion of discounts on investments in debt securities are reflected in net investment income over the contractual terms of the investments in a manner that produces a constant effective yield.

For CLOs and MBS, included in the trading and fixed maturity AFS securities portfolios, we recognize income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and a catch up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used

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prospectively. Any adjustments resulting from changes in effective yield are reflected in net investment income on the Consolidated Statements of Comprehensive Income (Loss).

Realized Gain (Loss)

Realized gain (loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value of mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, certain derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is reported net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation to cede realized gains and losses to the reinsurer.

MRB Gain (Loss)

MRB gain (loss) includes the change in fair value of MRB and ceded MRB assets and liabilities. Changes in the fair value of MRB assets and liabilities are recognized in net income (loss), except for the portion attributable to the change in non-performance risk that is recognized in OCI. Changes in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties’ non-performance risks, are recognized in net income (loss).

Other Revenues

Other revenues consist primarily of fees attributable to broker-dealer services recorded as performance obligations are met, either at the time of sale or over time based on a contractual percentage of customer account balances, and proceeds from reinsurance recaptures. The broker-dealer services primarily relate to our retail sales network and consist of commission revenue for the sale of non-affiliated securities recorded on a trade date basis and advisory fee income. Advisory fee income is asset-based revenues recorded as earned based on a contractual percentage of customer account balances. Other revenues attributable to broker-dealer services and advisory fee income, reported primarily within our Annuities segment, were $461 million, $468 million and $497 million for the years ended December 31, 2023, 2022 and 2021, respectively. Other revenues earned by our Group Protection segment consist of fees from administrative services performed, which are recognized as performance obligations are met over the terms of the underlying agreements, and were $210 million, $203 million and $180 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Interest Credited

We credit interest to our policyholder account balances based on the contractual terms supporting our products.

Benefits

Benefits for UL and other interest-sensitive life insurance products include benefit claims incurred during the period in excess of contract account balances. Benefits also include the change in reserves for annuity products with guaranteed death and living benefits, certain annuities with life contingencies and life insurance products with secondary guarantee benefits. For traditional life, group life and disability income products, benefits are recognized when incurred in a manner consistent with the related premium recognition policies.

Policyholder Liability Remeasurement Gain (Loss)

Policyholder liability remeasurement gain (loss) recognized in net income (loss) includes remeasurement gains and losses resulting from updates in cash flow assumptions and actual variance from expected experience used in the net premium ratio or benefit ratio calculation for future policy benefits associated with limited payment life-contingent annuity products and traditional life insurance, liabilities for future claims associated with our group products, and additional liabilities for other insurance benefits on certain guaranteed benefits associated with our UL products.

Policyholder liability remeasurement gain (loss) recognized in OCI includes any changes resulting from the discount rate remeasurement of future policy benefits associated with limited payment life-contingent annuity products and traditional life insurance and liabilities for future claims associated with our group products as of each reporting period.

Spark Program Expense

Spark program expense consists primarily of costs related to our Spark Initiative.

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Pension and Other Postretirement Benefit Plans

Pursuant to the accounting rules for our obligations to employees and agents under our various pension and other postretirement benefit plans, we are required to make a number of assumptions to estimate related liabilities and expenses. The mortality assumption is based on actual and anticipated plan experience, determined using acceptable actuarial methods. We use assumptions for the weighted-average discount rate and expected return on plan assets to estimate pension expense. The discount rate assumptions are determined using an analysis of current market information and the projected benefit flows associated with these plans. The expected long-term rate of return on plan assets is based on historical and projected future rates of return on the funds invested in the plan. The calculation of our accumulated postretirement benefit obligation also uses an assumption of weighted-average annual rate of increase in the per capita cost of covered benefits, which reflects a health care cost trend rate.

Stock-Based Compensation

In general, we expense the fair value of stock awards included in our incentive compensation plans. As of the date LNC’s Board of Directors approves stock awards, the fair value of stock options is determined using a Black-Scholes options valuation methodology, and the fair value of other stock awards is based upon the market value of the stock. The fair value of the awards is expensed over the performance or service period, which generally corresponds to the vesting period, and is recognized as an increase to common stock in stockholder’s equity. We apply an estimated forfeiture rate to our accrual of compensation cost. We classify certain stock awards as liabilities. For these awards, the settlement value is classified as a liability on the Consolidated Balance Sheets, and the liability is marked-to-market through net income at the end of each reporting period. Stock-based compensation expense is reflected in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss).

Interest and Debt Expense

Interest expense on our short-term and long-term debt is recognized as due and any associated premiums, discounts and debt issuance costs are amortized (accreted) over the term of the related borrowing utilizing the effective interest method. In addition, gains or losses related to certain derivative instruments associated with debt are recognized in interest and debt expense during the period of the change.

Income Taxes

LNC files a U.S. consolidated income tax return that includes us and LNC’s other eligible subsidiaries. Ineligible subsidiaries file separate individual corporate tax returns. Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. A valuation allowance is recorded to the extent required. Judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies we would employ to avoid a tax benefit from expiring unused.

We use the individual security approach for releasing income tax effects from AOCI.

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2.  New Accounting Standards

The following table provides a description of our adoption of new ASUs issued by the FASB and the impact of the adoption on the consolidated financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard	Description	Effective Date	Effect on Financial Statements or Other Significant Matters
ASU 2020-04, Reference Rate Reform (Topic 848) and related amendments	The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Additionally, changes to the critical terms of a hedging relationship affected by reference rate reform will not require entities to de-designate the relationship if certain requirements are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, with certain exceptions. The amendments are effective for contract modifications made between March 12, 2020, and December 31, 2024.	March 12, 2020 through December 31, 2024	This standard may be elected and applied prospectively. We utilized certain practical expedients under this guidance for contract modifications and to maintain hedge accounting for certain derivatives from the effective date through December 31, 2023. This ASU has not had a material impact to our consolidated financial condition and results of operations to date, and we do not expect future material impacts through the close of the ASU effective date on December 31, 2024.
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments	See Note 3 for information about ASU 2018-12.	January 1, 2023	We adopted this ASU effective January 1, 2023, with a transition date of January 1, 2021, using a modified retrospective approach, except for MRBs for which we applied a full retrospective transition approach. See Note 3 for transition disclosures related to the adoption of this ASU.

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3. Adoption of ASU 2018-12

On January 1, 2023, we adopted ASU 2018-12 with a transition date of January 1, 2021. ASU 2018-12 updated accounting and reporting requirements for long-duration contracts and certain investment contracts issued by insurance entities. We adopted ASU 2018-12 under the modified retrospective approach, except for MRBs, which applied the full retrospective approach. Our consolidated financial statements are presented under the new guidance for reporting periods beginning January 1, 2021.

Under ASU 2018-12, we include actual historical cash flows along with best estimate future cash flows to derive the net premium ratio when calculating the LFPB associated with our traditional and limited-payment long-duration contracts. We review and update, if necessary, assumptions used to measure future cash flows included in the net premium ratio at least annually. Historical cash flows included in the net premium ratio are updated for actual experience quarterly and as assumptions are updated. Changes in the measurement of our LFPB result from updates to cash flow assumptions and actual experience, which impacts are reported within policyholder remeasurement gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). We use an upper-medium grade (low credit risk) fixed-income instrument yield (single-A) discount rate when calculating the LFPB. This discount rate is updated quarterly at each reporting date with the impact recognized in OCI. ASU 2018-12 also eliminated loss recognition testing, premium deficiency testing and the provision for adverse deviation for LFPB.

ASU 2018-12 introduced the category of MRBs, which are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. MRBs are required to be measured at fair value, with periodic changes in fair value reported within MRB gain (loss) on our Consolidated Statements of Comprehensive Income (Loss), except for periodic changes to instrument-specific credit risk related to direct policies, which are recognized in OCI. Changes in the fair value of ceded MRB assets and liabilities are also reported within MRB gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

ASU 2018-12 simplified the amortization model for DAC and DAC-like intangible balances, including VOBA, DSI and DFEL. Historically these balances were amortized in proportion to premium or over expected gross profits. They are now amortized on a constant-level basis over the expected term of the contract. Loss recognition testing and impairment testing are no longer applicable for DAC.

ASU 2018-12 requires disaggregated rollforwards of the beginning of year to the end of the reporting period balances. We also disclose information about inputs, judgments, assumptions, methods, changes during the period and the effect of these changes on the measurement of applicable balances. In determining the appropriate level of aggregation, we considered our reportable segments, nature and risk characteristics of our products and level of aggregation we used in disclosures presented outside the financial statements.

The following table presents the cumulative effect adjustments (in millions), after-tax and shown as increase (decrease), to the components of stockholder’s equity due to the adoption of ASU 2018-12 as of January 1, 2021, by primary accounting topic:

					Total Stockholder’s Equity
	Retained Earnings		AOCI
Shadow impacts:
DAC, VOBA, DSI and DFEL	$	–	$	2,271	$	2,271
Additional liabilities for other
insurance benefits	–		1,197		1,197
LFPB and other (1)	(121)		(1,520)		(1,641)
MRBs (2)	(1,699)		2,874		1,175
Total	$	(1,820)	$	4,822	$	3,002

(1) Includes impacts to reserves and ceded reserves reported within future contract benefits and reinsurance recoverables, respectively, on the Consolidated Balance Sheets, excluding shadow impacts on additional liabilities for other insurance benefits.

(2) Includes impacts related to MRB assets and MRB liabilities reported on the Consolidated Balance Sheets and ceded MRBs reported within other assets on the Consolidated Balance Sheets.

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The following table summarizes the effect of the adoption of ASU 2018-12 as of January 1, 2021, (in millions) on the Consolidated Balance Sheets:

	Retained Earnings		AOCI		Total Stockholder’s Equity
DAC, VOBA and DSI	$	–	$	6,079	$	6,079
Reinsurance recoverables	607		2,556		3,163
Other assets (1)	5,795		–		5,795
Future contract benefits	(760)		(2,966)		(3,726)
MRBs, net	(7,956)		3,656		(4,300)
DFEL	–		(3,190)		(3,190)
Other liabilities (2)	494		(1,313)		(819)
Total	$	(1,820)	$	4,822	$	3,002

(1) Consists primarily of ceded MRB adjustments.

(2) Consists of state and federal tax adjustments.

The following table summarizes the changes in DAC, VOBA and DSI, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets:

	Balance Pre-Adoption December 31, 2020		Impact from Removal of Shadow Balances from AOCI		Balance Post-Adoption January 1, 2021
DAC
Variable Annuities	$	3,675	$	52	$	3,727
Fixed Annuities	264		215		479
Traditional Life	1,041		–		1,041
UL and Other	297		5,031		5,328
Group Protection	187		–		187
Retirement Plan Services	126		112		238
Total DAC	5,590		5,410		11,000
VOBA
Fixed Annuities	–		23		23
Traditional Life	67		–		67
UL and Other	167		630		797
Total VOBA	234		653		887
DSI (1)
Variable Annuities	194		2		196
Fixed Annuities	17		13		30
UL and Other	35		–		35
Retirement Plan Services	13		1		14
Total DSI	259		16		275
Total DAC, VOBA and DSI	$	6,083	$	6,079	$	12,162

(1) Pre-adoption DSI balance was previously reported in other assets on the Consolidated Balance Sheets.

28

The following table summarizes the changes in DFEL, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets:

	Balance Pre-Adoption December 31, 2020		Impact from Removal of Shadow Balances from AOCI		Balance Post-Adoption January 1, 2021
DFEL (1)
Variable Annuities	$	319	$	5	$	324
UL and Other	77		3,185		3,262
Total DFEL	$	396	$	3,190	$	3,586

(1) Pre-adoption DFEL balance was previously reported in other contract holder funds on the Consolidated Balance Sheets.

The following table summarizes the changes in future contract benefits, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets:

	Balance Pre-Adoption December 31, 2020 (1)		Impact from Removal of Shadow Balances from AOCI		Single-A Discount Rate Measurement in AOCI		Cumulative Effect to Retained Earnings		Balance Post-Adoption January 1, 2021
LFPB
Payout Annuities	$	2,313	$	(105)	$	415	$	44	$	2,667
Traditional Life	3,062		–		852		(2)		3,912
Liability for Future Claims
Group Protection	5,422		–		517		–		5,939
Additional Liabilities for Other
Insurance Benefits
UL and Other	13,687		(1,515)		–		92		12,264
Other Operations (2)	10,309		(80)		2,882		626		13,737
Other (3)	3,525		–		–		–		3,525
Total future contract benefits	$	38,318	$	(1,700)	$	4,666	$	760	$	42,044

(1) Balance pre-adoption excludes features that meet the definition of an MRB upon transition, including features that were previously accounted for as an additional liability. Also, balance pre-adoption reflects certain reclassifications of non-life contingent account balances from future contract benefits to policyholder account balances within the Consolidated Balance Sheets.

(2) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($6.3 billion and $7.4 billion as of December 31, 2020, and January 1, 2021, respectively) and Swiss Re ($1.8 billion and $3.3 billion as of December 31, 2020, and January 1, 2021, respectively). Includes LFPB and additional liabilities balances.

(3) Represents other miscellaneous reserves outside the scope of ASU 2018-12.

29

The following table summarizes the changes in reinsurance recoverables, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets:

	Balance Pre-Adoption December 31, 2020 (1)		Single-A Discount Rate  Measurement in AOCI		Cumulative Effect to Retained Earnings		Balance Post-Adoption January 1, 2021
Reinsured LFPB
Payout Annuities	$	5	$	–	$	–	$	5
Traditional Life	372		88		–		460
Reinsured Liability for Future
Claims
Group Protection	148		14		–		162
Reinsured Additional Liabilities
for Other Insurance Benefits
UL and Other	922		–		(3)		919
Reinsured Other Operations (2)	14,757		2,454		610		17,821
Reinsured Other (3)	1,346		–		–		1,346
Total reinsurance recoverables	$	17,550	$	2,556	$	607	$	20,713

(1) Balance pre-adoption excludes features that meet the definition of a ceded MRB upon transition, including features that were previously accounted for as reinsured additional liabilities.

(2) Represents reinsurance recoverables reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($12.0 billion and $13.2 billion as of December 31, 2020, and January 1, 2021, respectively) and Swiss Re ($1.7 billion and $3.2 billion as of December 31, 2020, and January 1, 2021, respectively). Includes reinsured LFPB and reinsured additional liabilities balances.

(3) Represents other miscellaneous reinsurance recoverables outside the scope of ASU 2018-12.

The following table summarizes the changes in the net liability position of MRBs, pre-tax, (in millions) due to the adoption of ASU 2018-12 and reconciles this balance to the Consolidated Balance Sheets:

	Balance Pre-Adoption December 31, 2020 (1)		Cumulative Effect of Credit Risk to AOCI		Cumulative Effect to Retained Earnings		Balance Post-Adoption January 1, 2021
MRBs, Net
Variable Annuities	$	831	$	(3,592)	$	7,968	$	5,207
Fixed Annuities	192		(52)		(22)		118
Retirement Plan Services	11		(12)		10		9
Total MRBs, net	$	1,034	$	(3,656)	$	7,956	$	5,334

(1) Balance pre-adoption includes all features that meet the definition of an MRB upon transition, including features that were previously accounted for as additional liabilities or embedded derivatives.

30

The following table summarizes the changes in the net asset position of ceded MRBs, pre-tax, (in millions) due to the adoption of ASU 2018-12, reported in other assets on the Consolidated Balance Sheets:

	Balance Pre-Adoption December 31, 2020 (1)		Cumulative Effect to Retained Earnings		Balance Post-Adoption January 1, 2021
Ceded MRBs, Net
Variable Annuities	$	828	$	5,700	$	6,528
Retirement Plan Services	1		10		11
Total ceded MRBs, net	$	829	$	5,710	$	6,539

(1) Balance pre-adoption includes all features that meet the definition of a ceded MRB upon transition, including features that were previously accounted for as reinsured additional liabilities or embedded derivatives.

The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Balance Sheet:

	As of December 31, 2022
	As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted
Deferred acquisition costs, value of business
acquired and deferred sales inducements (2)	$	13,873	$	(1,610)	$	12,263
Reinsurance recoverables, net of allowance for
credit losses (2)	24,450		(2,646)		21,804
Market risk benefit assets	–		2,807		2,807
Other assets (2)	8,831		(1,154)		7,677
Total assets (2)	338,185		(2,603)		335,582
Future contract benefits (2)	41,203		(2,901)		38,302
Market risk benefit liabilities	–		2,078		2,078
Deferred front-end loads (2)	5,765		(650)		5,115
Other liabilities (2)	7,719		(1,468)		6,251
Total liabilities (2)	329,919		(2,941)		326,978
Retained earnings	2,436		(1,022)		1,414
Accumulated other comprehensive income (loss)	(7,073)		1,360		(5,713)
Total stockholder’s equity	$	8,266	$	338	$	8,604

(1) The amounts as previously reported were reported in our Annual Report on Form 10-K for the year ended December 31, 2022, as amended by Amendment No. 1 thereto (“2022 Form 10-K”).

(2) Certain as previously reported amounts have been reclassified to conform to the current presentation.

31

The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Statements of Comprehensive Income (Loss):

	For the Year Ended December 31, 2022						For the Year Ended December 31, 2021
	As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted		As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted
Fee income	$	5,783	$	(417)	$	5,366	$	6,630	$	(864)	$	5,766
Realized gain (loss)	214		204		418		711		148		859
Total revenues	17,770		(213)		17,557		19,228		(716)		18,512
Benefits	10,801		(2,598)		8,203		8,039		(12)		8,027
Interest credited	2,849		11		2,860		2,911		1		2,912
Market risk benefit (gain) loss	–		296		296		–		(1,554)		(1,554)
Policyholder liability remeasurement (gain)   loss	–		2,445		2,445		–		(119)		(119)
Commissions and other expenses	4,799		128		4,927		5,548		(537)		5,011
Total expenses	19,387		282		19,669		16,699		(2,221)		14,478
Income (loss) before taxes	(1,617)		(495)		(2,112)		2,529		1,505		4,034
Federal income tax expense (benefit)	(332)		(105)		(437)		420		317		737
Net income (loss)	(1,285)		(390)		(1,675)		2,109		1,188		3,297
Unrealized investment gain (loss)	(13,613)		(4,026)		(17,639)		(2,480)		(753)		(3,233)
Market risk benefit non-performance risk
gain (loss)	–		(211)		(211)		–		(923)		(923)
Policyholder liability discount rate
remeasurement gain (loss)	–		1,891		1,891		–		560		560
Total other comprehensive income (loss),
net of tax	(13,617)		(2,346)		(15,963)		(2,477)		(1,116)		(3,593)
Comprehensive income (loss)	(14,902)		(2,736)		(17,638)		(368)		72		(296)

(1) The amounts as previously reported were reported in our 2022 Form 10-K.

32

The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Statements of Stockholder’s Equity:

	As of December 31, 2022						As of December 31, 2021
	As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted		As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted
Retained earnings balance as of
beginning-of-year	$	4,366	$	(632)	$	3,734	$	4,167	$	–	$	4,167
Cumulative effect from adoption of new
accounting standards	–		–		–		–		(1,820)		(1,820)
Net income (loss)	(1,285)		(390)		(1,675)		2,109		1,188		3,297
Retained earnings balance as of end-of-year	2,436		(1,022)		1,414		4,366		(632)		3,734
Accumulated other comprehensive income
(loss) balance as of beginning-of-year	6,544		3,706		10,250		9,021		–		9,021
Cumulative effect from adoption of new
accounting standards	–		–		–		–		4,822		4,822
Other comprehensive income (loss), net of
tax	(13,617)		(2,346)		(15,963)		(2,477)		(1,116)		(3,593)
Accumulated other comprehensive income
(loss) balance as of end-of-year	(7,073)		1,360		(5,713)		6,544		3,706		10,250
Total stockholder’s equity as of end-of-year	$	8,266	$	338	$	8,604	$	22,860	$	3,074	$	25,934

(1) The amounts as previously reported were reported in our 2022 Form 10-K

The following summarizes the effect of the adoption of ASU 2018-12 (in millions) on certain financial statement line items within the previously reported Consolidated Statements of Cash Flows:

	For the Year Ended December 31, 2022
	As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted
Net income (loss)	$	(1,285)	$	(390)	$	(1,675)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	(214)		(204)		(418)
Market risk benefit (gain) loss	–		296		296
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads	45		450		495
Insurance liabilities and reinsurance-related balances (2)	727		(75)		652
Accrued expenses	(98)		(3)		(101)
Federal income tax accruals	(271)		(105)		(376)
Other (2)	375		31		406

33

	For the Year Ended December 31, 2021
	As Previously Reported (1)		Adoption of New Accounting Standard		As Adjusted
Net income (loss)	$	2,109	$	1,188	$	3,297
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	(711)		(148)		(859)
Market risk benefit (gain) loss	–		(1,554)		(1,554)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads	289		207		496
Insurance liabilities and reinsurance-related balances (2)	(862)		(31)		(893)
Accrued expenses	370		7		377
Federal income tax accruals	391		317		708
Other (2)	(365)		14		(351)

(1) The amounts as previously reported were reported in our 2022 Form 10-K.

(2) Certain as previously reported amounts have been reclassified to conform to the current presentation.

34

4. Investments

Fixed Maturity AFS Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:

	As of December 31, 2023
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	68,811	$	820	$	5,757	$	8	$	63,866
U.S. government bonds	414		7		28		–		393
State and municipal bonds	2,675		97		230		–		2,542
Foreign government bonds	309		15		46		–		278
RMBS	1,719		27		138		6		1,602
CMBS	1,520		5		181		–		1,344
ABS	12,556		62		571		4		12,043
Hybrid and redeemable preferred securities	227		21		15		1		232
Total fixed maturity AFS securities	$	88,231	$	1,054	$	6,966	$	19	$	82,300

	As of December 31, 2022
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	88,950	$	763	$	10,538	$	9	$	79,166
U.S. government bonds	377		5		31		–		351
State and municipal bonds	5,198		170		483		–		4,885
Foreign government bonds	339		17		45		–		311
RMBS	2,025		21		203		7		1,836
CMBS	1,908		3		244		–		1,667
ABS	11,791		37		925		4		10,899
Hybrid and redeemable preferred securities	356		25		30		1		350
Total fixed maturity AFS securities	$	110,944	$	1,041	$	12,499	$	21	$	99,465

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2023, were as follows:

	Amortized  Cost		Fair Value
Due in one year or less	$	4,389	$	4,354
Due after one year through five years	17,444		16,858
Due after five years through ten years	15,405		14,403
Due after ten years	35,198		31,696
Subtotal	72,436		67,311
Structured securities (RMBS, CMBS, ABS)	15,795		14,989
Total fixed maturity AFS securities	$	88,231	$	82,300

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

35

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	As of December 31, 2023
	Less Than or Equal  to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized  Losses		Fair Value		Gross Unrealized  Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	13,439	$	1,744	$	33,285	$	4,013	$	46,724	$	5,757
U.S. government bonds	65		6		194		22		259		28
State and municipal bonds	371		72		814		158		1,185		230
Foreign government bonds	108		31		57		15		165		46
RMBS	355		20		840		118		1,195		138
CMBS	583		56		586		125		1,169		181
ABS	1,898		68		7,212		503		9,110		571
Hybrid and redeemable preferred securities	32		2		94		13		126		15
Total fixed maturity AFS securities	$	16,851	$	1,999	$	43,082	$	4,967	$	59,933	$	6,966
Total number of fixed maturity AFS securities in an unrealized loss position											7,167

	As of December 31, 2022
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized  Losses		Fair Value		Gross Unrealized  Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	57,656	$	8,684	$	6,867	$	1,854	$	64,523	$	10,538
U.S. government bonds	236		25		27		6		263		31
State and municipal bonds	1,850		414		227		69		2,077		483
Foreign government bonds	122		18		58		27		180		45
RMBS	1,337		160		191		43		1,528		203
CMBS	1,224		156		312		88		1,536		244
ABS	6,712		551		3,325		374		10,037		925
Hybrid and redeemable preferred securities	61		5		98		25		159		30
Total fixed maturity AFS securities	$	69,198	$	10,013	$	11,105	$	2,486	$	80,303	$	12,499
Total number of fixed maturity AFS securities in an unrealized loss position											8,106

(1) As of December 31, 2023 and 2022, we recognized $7 million and $6 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

36

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

	As of December 31, 2023
	Fair Value		Gross Unrealized  Losses		Number of Securities (1)
Less than six months	$	2,480	$	916	529
Six months or greater, but less than nine months	321		90		79
Nine months or greater, but less than twelve months	321		106		87
Twelve months or greater	3,485		1,336		704
Total	$	6,607	$	2,448	1,399

	As of December 31, 2022
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	10,895	$	3,514	1,489
Six months or greater, but less than nine months	4,256		2,150		640
Nine months or greater, but less than twelve months	362		243		73
Twelve months or greater	2		–		15
Total	$	15,515	$	5,907	$	2,217

(1) We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities decreased by $5.5 billion for the year ended December 31, 2023, which was

driven by declining interest rates during the fourth quarter of 2023 and the transfer of assets as part of the Fortitude Re reinsurance

transaction. As discussed further below, we believe the unrealized loss position as of December 31, 2023, did not require an impairment recognized in earnings as (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2023, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of December 31, 2023, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2023 and 2022, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2023 and 2022, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $2.7 billion and $3.5 billion, respectively, and a fair value of $2.6 billion and $3.3 billion, respectively. Based upon the analysis discussed above, we believe that as of December 31, 2023 and 2022, we would have recovered the amortized cost of each corporate bond.

As of December 31, 2023, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

37

As of December 31, 2023, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities.

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

	For the Year Ended December 31, 2023
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	9	$	7	$	5	$	21
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	24		1		–		25
Additions (reductions) for securities for which credit losses
were previously recognized	(2)		(2)		–		(4)
Reductions for securities disposed	(2)		–		–		(2)
Reductions for securities charged-off	(21)		–		–		(21)
Balance as of end-of-year (2)	$	8	$	6	$	5	$	19

	For the Year Ended December 31, 2022
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	17	$	1	$	1	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	4		3		–		7
Additions (reductions) for securities for which credit losses
were previously recognized	2		3		4		9
Reductions for securities disposed	(2)		–		–		(2)
Reductions for securities charged-off	(12)		–		–		(12)
Balance as of end-of-year (2)	$	9	$	7	$	5	$	21

38

	For the Year Ended December 31, 2021
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	12	$	1	$	–	$	13
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	8		–		1		9
Additions (reductions) for securities for which credit losses
were previously recognized	5		–		–		5
Reductions for securities disposed	(2)		–		–		(2)
Reductions for securities charged-off	(6)		–		–		(6)
Balance as of end-of-year (2)	$	17	$	1	$	1	$	19

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of December 31, 2023, 2022 and 2021, accrued investment income on fixed maturity AFS securities totaled $814 million, $1.1 billion and $944 million, respectively, and was excluded from the estimate of credit losses.

Trading Securities

Trading securities at fair value (in millions) consisted of the following:

	As of December 31,
	2023		2022
Fixed maturity securities:
Corporate bonds	$	1,615	$	2,196
State and municipal bonds	21		21
Foreign government bonds	46		49
RMBS	62		99
CMBS	104		137
ABS	455		919
Hybrid and redeemable preferred securities	18		25
Total trading securities	$	2,321	$	3,446

The portion of the market adjustment for trading gains and losses recognized in realized gain (loss) that relate to trading securities still held as of December 31, 2023, 2022 and 2021, was $80 million, $(628) million and $(48) million, respectively.

Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

	As of December 31, 2023						As of December 31, 2022
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,165	$	1,665	$	18,830	$	16,913	$	1,315	$	18,228
30 to 59 days past due	61		28		89		19		23		42
60 to 89 days past due	–		9		9		–		6		6
90 or more days past due	–		60		60		–		33		33
Allowance for credit losses	(86)		(28)		(114)		(83)		(15)		(98)
Unamortized premium (discount)	(7)		43		36		(9)		36		27
Mark-to-market gains (losses) (1)	(36)		(1)		(37)		(27)		–		(27)
Total carrying value	$	17,097	$	1,776	$	18,873	$	16,813	$	1,398	$	18,211

(1) Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 15 for additional information.

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Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 27% and 28% of commercial mortgage loans on real estate as of December 31, 2023 and 2022, respectively, and Texas, which accounted for 9% of commercial mortgage loans on real estate as of December 31, 2023 and 2022.

As of December 31, 2023, our residential mortgage loan portfolio had the largest concentrations in California and New York, which accounted for 14% and 12% of residential mortgage loans on real estate, respectively. As of December 31, 2022, our residential mortgage loan portfolio had the largest concentrations in California and New Jersey, which accounted for 17% and 12% of residential mortgage loans on real estate, respectively.

As of December 31, 2023 and 2022, we had 116 and 73 residential mortgage loans, respectively, that were either delinquent or in foreclosure. As of December 31, 2023 and 2022, we had 82 and 49 residential mortgage loans in foreclosure, respectively, with an aggregate carrying value of $38 million and $21 million, respectively.

We adopted ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures as of January 1, 2023, and accordingly no longer identify certain debt modifications as troubled debt restructurings. Losses from loan modifications for the year ended December 31, 2023, were less than $1 million and reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

As of December 31, 2023 and 2022, there were three and two specifically identified impaired commercial mortgage loans, respectively, with an aggregate carrying value of $2 million and less than $1 million, respectively.

As of December 31, 2023 and 2022, there were 99 and 37 specifically identified impaired residential mortgage loans, respectively, with an aggregate carrying value of $47 million and $16 million, respectively.

Additional information related to impaired mortgage loans on real estate (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Average aggregate carrying value for impaired mortgage loans on real estate	$	30	$	16	$	32
Interest income recognized on impaired mortgage loans on real estate	–		–		–
Interest income collected on impaired mortgage loans on real estate	–		–		–

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:

	As of December 31, 2023				As of December 31, 2022
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual		Nonaccrual with no Allowance for Credit Losses		Nonaccrual
Commercial mortgage loans on real estate	$	–	$	–	$	–	$	–
Residential mortgage loans on real estate	–		62		–		34
Total	$	–	$	62	$	–	$	34

We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

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	As of December 31, 2023
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2023	$	1,366	1.90	$	54	1.38	$	–	–	$	1,420
2022	1,709		2.07	140		1.54	–		–	1,849
2021	2,317		3.34	61		1.55	–		–	2,378
2020	1,205		3.23	11		1.38	–		–	1,216
2019	2,404		2.39	80		1.56	10		2.33	2,494
2018 and prior	7,770		2.39	78		1.60	14		0.87	7,862
Total	$	16,771		$	424		$	24		$	17,219

	As of December 31, 2022
	Less than  65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2022	$	1,769	2.06	$	105	1.50	$	2	1.45	$	1,876
2021	2,335		3.05	72		1.53	–		–	2,407
2020	1,280		2.99	17		1.58	–		–	1,297
2019	2,643		2.17	81		1.50	29		1.58	2,753
2018	2,222		2.17	67		1.62	–		–	2,289
2017 and prior	6,170		2.44	131		1.75	–		–	6,301
Total	$	16,419		$	473		$	31		$	16,923

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

	As of December 31, 2023
	Performing		Nonperforming		Total
Origination Year
2023	$	515	$	2	$	517
2022	533		22		555
2021	465		18		483
2020	78		3		81
2019	99		13		112
2018 and prior	53		4		57
Total	$	1,743	$	62	$	1,805

	As of December 31, 2022
	Performing		Nonperforming		Total
Origination Year
2022	$	578	$	5	$	583
2021	527		6		533
2020	90		3		93
2019	119		18		137
2018	65		2		67
2017 and prior	–		–		–
Total	$	1,379	$	34	$	1,413

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Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. See Note 1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

	For the Year Ended December 31, 2023
	Commercial		Residential		Total
Balance as of beginning-of-year	$	83	$	15	$	98
Additions (reductions) from provision for credit loss expense (1)	3		13		16
Additions from purchases of PCD mortgage loans on real estate	–		–		–
Balance as of end-of-year (2)	$	86	$	28	$	114

	For the Year Ended December 31, 2022
	Commercial		Residential		Total
Balance as of beginning-of-year	$	78	$	17	$	95
Additions (reductions) from provision for credit loss expense (1)	5		(2)		3
Additions from purchases of PCD mortgage loans on real estate	–		–		–
Balance as of end-of-year (2)	$	83	$	15	$	98

	For the Year Ended December 31, 2021
	Commercial		Residential		Total
Balance as of beginning-of-year	$	186	$	17	$	203
Additions (reductions) from provision for credit loss expense (1)	(108)		–		(108)
Additions from purchases of PCD mortgage loans on real estate	–		–		–
Balance as of end-of-year (2)	$	78	$	17	$	95

(1) We recognized $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2023. We did not recognize any credit loss benefit (expense) related to unfunded commitments for

mortgage loans on real estate for the year ended December 31, 2022. We recognized $3 million of credit loss

benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2021.     

(2) Accrued investment income on mortgage loans on real estate totaled $67 million, $51 million and $48 million as of December 31, 2023, 2022 and 2021, respectively, and was excluded from the estimate of credit losses.

Alternative Investments 

As of December 31, 2023 and 2022, alternative investments included investments in 332 and 328 different partnerships, respectively, and represented approximately 3% and 2% of total investments, respectively.

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Net Investment Income

The major categories of net investment income (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

	For the Years Ended December 31,
	2023		2022		2021
Fixed maturity AFS securities	$	4,961	$	4,408	$	4,242
Trading securities	158		179		165
Equity securities	13		11		3
Mortgage loans on real estate	752		687		677
Policy loans	102		100		115
Cash and invested cash	118		12		–
Commercial mortgage loan prepayment
and bond make-whole premiums	10		100		195
Alternative investments	244		96		677
Consent fees	3		8		10
Other investments	(38)		75		60
Investment income	6,323		5,676		6,144
Investment expense	(611)		(402)		(305)
Net investment income	$	5,712	$	5,274	$	5,839

Impairments on Fixed Maturity AFS Securities

Details underlying intent to sell impairments and credit loss benefit (expense) incurred that were recognized in net income (loss) and

included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

	For the Years Ended December 31,
	2023		2022		2021
Intent to Sell Impairments (1)
Fixed maturity AFS securities:
Corporate bonds	$	(3,805)	$	–	$	–
State and municipal bonds	(214)		–		–
RMBS	(74)		–		–
CMBS	(60)		–		–
ABS	(57)		–		–
Hybrid and redeemable preferred securities	(3)		–		–
Total intent to sell impairments	$	(4,213)	$	–	$	–
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(23)	$	(4)	$	(10)
RMBS	1		(6)		–
ABS	1		(4)		–
Hybrid and redeemable preferred securities	–		–		(1)
Total credit loss benefit (expense)	$	(21)	$	(14)	$	(11)

(1)     Represents impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the Fortitude Re reinsurance transaction. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreements in the second quarter of 2023 and recognized additional impairment on certain of these securities during the third quarter of 2023 due to higher interest rates. Interest rates declined during the fourth quarter of 2023, which resulted in recognition of a $295 million pre-tax net gain upon close of the transaction, included in gross gains and gross losses on fixed maturity AFS securities in Note 21. See Note 8 for additional information.

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Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

	As of December 31, 2023				As of December 31, 2022
	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Collateral payable for derivative investments (1)	$	5,127	$	5,127	$	3,210	$	3,210
Securities pledged under securities lending agreements (2)	205		197		298		287
Investments pledged for FHLBI (3)	2,650		3,603		3,130		3,925
Total payables for collateral on investments	$	7,982	$	8,927	$	6,638	$	7,422

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 6 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of December 31, 2023 and 2022, we were not participating in any open repurchase agreements.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

	For the Years Ended December 31,
	2023		2022		2021
Collateral payable for derivative investments	$	1,917	$	(2,355)	$	2,595
Securities pledged under securities lending agreements	(93)		57		126
Investments pledged for FHLBI	(480)		–		–
Total increase (decrease) in payables for collateral on investments	$	1,344	$	(2,298)	$	2,721

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:

	As of December 31, 2023
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Securities Lending
Corporate bonds	$	202	$	–	$	–	$	–	$	202
Equity securities	3		–		–		–		3
Total gross secured borrowings	$	205	$	–	$	–	$	–	$	205

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	As of December 31, 2022
	Overnight  and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Securities Lending
Corporate bonds	$	288	$	–	$	–	$	–	$	288
Foreign government bonds	2		–		–		–		2
Equity securities	8		–		–		–		8
Total gross secured borrowings	$	298	$	–	$	–	$	–	$	298

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of December 31, 2023, the fair value of all collateral received that we are permitted to sell or re-pledge was $25 million, and we had not re-pledged any of this collateral to cover our collateral requirements.

We also accept collateral from derivative counterparties in the form of securities which we are permitted to sell or re-pledge. As of

December 31, 2023, the fair value of this collateral received that we are permitted to sell or re-pledge was $1.3 billion, and we had repledged $553 million of this collateral to cover our collateral requirements.

We have also pledged fixed maturity AFS securities to derivative counterparties with a fair value of $42 million as of December 31, 2023.

Investment Commitments

As of December 31, 2023, our investment commitments were $3.0 billion, which included $2.3 billion of LPs, $536 million of mortgage loans on real estate and $197 million of private placement securities.

Concentrations of Financial Instruments

As of December 31, 2023, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.3 billion and $1.0 billion, respectively, or 1% of total investments. As of December 31, 2022, our most significant investments in one issuer were our investments in securities issued by White Chapel LLC and the Federal National Mortgage Association with a fair value of $1.0 billion and $702 million, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of December 31, 2023 and 2022, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $16.6 billion and $19.2 billion, respectively, or 14% and 15%, respectively, of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $11.3 billion and $14.3 billion, respectively, or 10% and 11%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

5. Variable Interest Entities

Unconsolidated VIEs

Reinsurance-Related Notes

Effective October 1, 2017, our captive reinsurance subsidiary, the Lincoln Reinsurance Company of Vermont VI, restructured the $275 million, long-term surplus note which was originally issued to a non-affiliated VIE in October 2015 in exchange for two corporate bond AFS securities of like principal and duration.  The activities of the VIE are primarily to acquire, hold and issue notes and loans and to pay and collect interest on the notes and loans.  The outstanding principal balance of the long-term surplus note is variable in nature; moving concurrently with any variability in the face amount of the corporate bond AFS securities.  We have concluded that we are not the primary beneficiary of the non-affiliated VIE because we do not have power over the activities that most significantly affect its economic performance. As of December 31, 2023, the principal balance of the long-term surplus note was zero and we do not currently have any exposure to this VIE.

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Structured Securities

Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our ABS, RMBS and CMBS. We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 4.

Limited Partnerships and Limited Liability Companies

We invest in certain LPs and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $4.0 billion and $3.0 billion as of December 31, 2023 and 2022, respectively.

6. Derivative Instruments

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See Note 1 for a discussion of the accounting treatment for derivative instruments. See Note 15 for additional disclosures related to the fair value of our derivative instruments and Note 5 for derivative instruments related to our consolidated VIEs.

Interest Rate Contracts

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Forward-Starting Interest Rate Swaps

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity and life insurance products.

Interest Rate Cap Corridors

We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.

Interest Rate Futures

We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

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Interest Rate Swap Agreements

We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity products.

We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments by replicating a fixed-rate bond.

Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed maturity securities due to interest rate risks.

Reverse Treasury Locks

We use reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

Foreign Currency Contracts

We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Currency Futures

We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate.

Foreign Currency Swaps

We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

We also use foreign currency swaps designated and qualifying as cash flow hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.

Foreign Currency Forwards

We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.

Equity Market Contracts

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

Call Options Based on the S&P 500® Index and Other Indices

We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

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Consumer Price Index Swaps

We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.

Equity Futures

We use equity futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Put Options

We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.

Total Return Swaps

We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.

In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.

Commodity Contracts

We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.

Credit Contracts

We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:

Credit Default Swaps – Buying Protection

We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products.

We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

CDSs – Selling Protection

We use CDSs to hedge the liability exposure on certain options in variable annuity products.

We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

Other Derivatives

Lapse Protection Rider Ceded Derivative

We also have an inter-company agreement through which Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”), an affiliated reinsurer, assumes the risk under certain UL contracts for lapse protection riders (“LPR”). If the policyholder’s account balance is insufficient to pay the cost of insurance charges required to keep the policy in force, and the policyholder has made the required deposits, we will be reimbursed for those charges.

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Embedded Derivatives

We have embedded derivatives that include:

RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Reinsurance-Related Embedded Derivatives

We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

Derivatives Related to Divestitures and Reinsurance Transactions

We used interest rate futures contracts to hedge the interest rate risk related to the assets used as consideration in the Fortitude Re reinsurance transaction. These futures contracts required payment between our counterparty and us on a daily basis for changes in the associated future index prices.

We use swaptions and forward-starting swaps to hedge the interest rate risk associated with the Stock Purchase Agreement entered into with Osaic.

49

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

	As of December 31, 2023						As of December 31, 2022
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	485	$	11	$	47	$	1,377	$	4	$	232
Foreign currency contracts (1)	4,662		423		78		4,383		643		18
Total cash flow hedges	5,147		434		125		5,760		647		250
Fair value hedges:
Interest rate contracts (1)	450		1		39		524		2		44
Foreign currency contracts (1)	25		–		1		–		–		–
Total fair value hedges	475		1		40		524		2		44
Non-Qualifying Hedges
Interest rate contracts (1)	90,829		636		979		105,977		709		935
Foreign currency contracts (1)	306		11		6		395		27		2
Equity market contracts (1)	225,251		10,244		4,227		142,653		5,135		2,035
Commodity contracts (1)	–		–		–		13		14		3
Credit contracts (1)	91		–		–		–		–		–
LPR ceded derivative (2)	–		206		–		–		212		–
Embedded derivatives:
Reinsurance-related (3)	–		493		–		–		681		–
RILA, fixed indexed annuity and IUL contracts (4)	–		940		9,077		–		525		4,783
Total derivative instruments	$	322,099	$	12,965	$	14,454	$	255,322	$	7,952	$	8,052

(1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements as described in Note 1.

(2) Reported in other assets on the Consolidated Balance Sheets.

(3) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

(4)    Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

	Remaining Life as of December 31, 2023
	Less Than 1 Year		1 – 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	22,166	$	25,350	$	22,349	$	21,899	$	–	$	91,764
Foreign currency contracts (2)	276		956		1,687		2,032		42		4,993
Equity market contracts	174,430		37,200		6,950		9		6,662		225,251
Credit contracts	–		91		–		–		–		91
Total derivative instruments
with notional amounts	$	196,872	$	63,597	$	30,986	$	23,940	$	6,704	$	322,099

(1) As of December 31, 2023, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was December 18, 2024.

(2) As of December 31, 2023, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

50

The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

	Amortized Cost of the Hedged Assets / (Liabilities)				Cumulative Fair Value  Hedging Adjustment Included in the Amortized Cost of the Hedged Assets / (Liabilities)
	As of December 31, 2023		As of December 31, 2022		As of December 31, 2023		As of December 31, 2022
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value	$	534	$	587	$	39	$	44

The change in our unrealized gain (loss) on derivative instruments within AOCI (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	301	$	258	$	42
Cumulative effect from adoption of new accounting standard	–		–		25
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts	212		(336)		11
Foreign currency contracts	(50)		182		130
Change in foreign currency exchange rate adjustment	(169)		312		152
Income tax benefit (expense)	2		(34)		(63)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)	(1)		2		3
Foreign currency contracts (1)	54		62		48
Foreign currency contracts (2)	7		39		(2)
Income tax benefit (expense)	(13)		(22)		(10)
Balance as of end-of-year	$	249	$	301	$	258

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

(2) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

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The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

	Gain (Loss) Recognized in Income For the Year Ended December 31, 2023
	Realized Gain (Loss)		Net Investment Income		Benefits
Total Line Items in which the Effects of Fair Value or Cash
Flow Hedges are Recorded	$	(4,934)	$	5,712	$	5,044
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items	–		(5)		–
Derivatives designated as hedging instruments	–		5		–
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI into income	–		(1)		–
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI into income	7		54		–
Non-Qualifying Hedges
Interest rate contracts	(161)		–		–
Foreign currency contracts	(2)		–		–
Equity market contracts	1,387		–		–
Commodity contracts	8		–		–
Credit contracts	(4)		–		–
LPR ceded derivative	–		–		6
Embedded derivatives:
Reinsurance-related	(188)		–		–
RILA, fixed indexed annuity and IUL contracts	(3,187)		–		–

	Gain (Loss) Recognized in Income For the Year Ended December 31, 2022
	Realized Gain (Loss)		Net Investment Income		Benefits
Total Line Items in which the Effects of Fair Value or Cash
Flow Hedges are Recorded	$	418	$	5,274	$	8,203
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items	–		(167)		–
Derivatives designated as hedging instruments	–		167
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI into income	–		2		–
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI into income	39		62		–
Non-Qualifying Hedges
Interest rate contracts	(2,113)		–		–
Foreign currency contracts	2		–		–
Equity market contracts	(2,075)		–		–
Commodity contracts	11		–		–
Credit contracts	(4)		–		–
LPR ceded derivative	–		–		106
Embedded derivatives:
Reinsurance-related	1,259		–		–
RILA, fixed indexed annuity and IUL contracts	1,760		–		–

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	Gain (Loss) Recognized in Income For the Year Ended December 31, 2021
	Realized Gain (Loss)		Net Investment Income		Benefits
Total Line Items in which the Effects of Fair Value or Cash
Flow Hedges are Recorded	$	859	$	5,839	$	8,027
Qualifying Hedges
Gain or (loss) on fair value hedging relationships:
Interest rate contracts:
Hedged items	–		(60)		–
Derivatives designated as hedging instruments	–		60
Gain or (loss) on cash flow hedging relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified from AOCI into income	–		3		–
Foreign currency contracts:
Amount of gain or (loss) reclassified from AOCI into income	(2)		48		–
Non-Qualifying Hedges
Interest rate contracts	(957)		–		–
Foreign currency contracts	(1)		–		–
Equity market contracts	3,355		–		–
Credit contracts	(1)		–		–
Embedded derivatives:
Reinsurance-related	280		–		–
RILA, fixed indexed annuity and IUL contracts	(2,622)		–		–

As of December 31, 2023, $56 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements.

For the years ended December 31, 2023 and 2022, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.

As of December 31, 2023 and 2022, we did not have any exposure related to CDSs for which we are the seller.

Credit Risk

We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of December 31, 2023, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under some ISDA agreements, we and LLANY have agreed to maintain certain financial strength or claims-paying ability. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of December 31, 2023 or 2022.

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The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

	As of December 31, 2023				As of December 31, 2022
S&P Credit Rating of Counterparty	Collateral Posted by Counter- Party (Held by LNL)		Collateral Posted by LNL (Held by Counter- Party)		Collateral Posted by Counter- Party (Held by LNL)		Collateral Posted by LNL (Held by Counter- Party)
AA-	$	2,330	$	(63)	$	383	$	(6)
A+	2,422		(125)		1,718		(151)
A	82		–		1,099		–
A-	273		–		–		–
	$	5,107	$	(188)	$	3,200	$	(157)

Balance Sheet Offsetting

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of December 31, 2023
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	10,714	$	1,433	$	12,147
Gross amounts offset	(4,409)		–		(4,409)
Net amount of assets	6,305		1,433		7,738
Gross amounts not offset:
Cash collateral	(5,107)		–		(5,107)
Non-cash collateral (1)	(1,198)		–		(1,198)
Net amount	–		1,433		1,433
Financial Liabilities
Gross amount of recognized liabilities	968		9,077		10,045
Gross amounts offset	(612)		–		(612)
Net amount of liabilities	356		9,077		9,433
Gross amounts not offset:
Cash collateral	(188)		–		(188)
Non-cash collateral (2)	(168)		–		(168)
Net amount	$	–	$	9,077	$	9,077

(1) Excludes excess non-cash collateral received of $1.3 billion, as the collateral offset is limited to the net estimated fair value of

derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $81 million, as the collateral offset is limited to the net estimated fair value of

derivatives after application of netting arrangements.

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	As of December 31, 2022
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	6,483	$	1,206	$	7,689
Gross amounts offset	(2,964)		–		(2,964)
Net amount of assets	3,519		1,206		4,725
Gross amounts not offset:
Cash collateral	(3,200)		–		(3,200)
Non-cash collateral (1)	(319)		–		(319)
Net amount	–		1,206		1,206
Financial Liabilities
Gross amount of recognized liabilities	304		4,783		5,087
Gross amounts offset	(50)		–		(50)
Net amount of liabilities	254		4,783		5,037
Gross amounts not offset:
Cash collateral	(157)		–		(157)
Non-cash collateral (2)	(46)		–		(46)
Net amount	$	51	$	4,783	$	4,834

(1) Excludes excess non-cash collateral received of $1.1 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) There was no excess non-cash collateral pledged as of December 31, 2022.

7. DAC, VOBA, DSI and DFEL

The following table reconciles DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets:

	As of December 31,
	2023		2022
DAC, VOBA and DSI
Variable Annuities	$	4,025	$	4,047
Fixed Annuities	456		479
Traditional Life	1,374		1,336
UL and Other	6,139		6,002
Group Protection	154		141
Retirement Plan Services	270		258
Total DAC, VOBA and DSI	$	12,418	$	12,263

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The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets:

	As of December 31,
	2023		2022
DFEL
Variable Annuities	$	300	$	310
UL and Other (1)	5,579		4,766
Other Operations (2)	44		39
Total DFEL	$	5,923	$	5,115

(1) We reported $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheet as of December 31, 2023.

(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables.We reported $44 million and $39 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.

The following tables summarize the changes in DAC (in millions):

	For the Year Ended December 31, 2023
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,880	$	439	$	1,286	$	5,518	$	141	$	241
Deferrals	361		50		188		482		113		21
Amortization	(373)		(68)		(142)		(291)		(100)		(18)
Balance as of end-of-year	$	3,868	$	421	$	1,332	$	5,709	$	154	$	244

	For the Year Ended December 31, 2022
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,860	$	448	$	1,146	$	5,269	$	140	$	239
Deferrals	390		60		266		537		98		21
Amortization	(370)		(69)		(126)		(288)		(97)		(19)
Balance as of end-of-year	$	3,880	$	439	$	1,286	$	5,518	$	141	$	241

DAC amortization expense of $992 million, $969 million and $969 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, respectively.

The following tables summarize the changes in VOBA (in millions):

	For the Year Ended December 31, 2023
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	17	$	50	$	454
Business acquired (sold) through
reinsurance	–		–		(11)
Deferrals	–		–		2
Amortization	(2)		(8)		(43)
Balance as of end-of-year	$	15	$	42	$	402

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	For the Year Ended December 31, 2022
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	20	$	59	$	499
Deferrals	–		–		2
Amortization	(3)		(9)		(47)
Balance as of end-of-year	$	17	$	50	$	454

VOBA amortization expense of $53 million, $59 million and $75 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, respectively. No additions or write-offs were recorded for each respective year.

Estimated future amortization of VOBA (in millions), as of December 31, 2023, was as follows:

2024	$	39
2025	37
2026	34
2027	29
2028	25

The following tables summarize the changes in DSI (in millions):

	For the Year Ended December 31, 2023
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	167	$	23	$	30	$	17
Deferrals	5		–		–		10
Amortization	(15)		(3)		(2)		(1)
Balance as of end-of-year	$	157	$	20	$	28	$	26

	For the Year Ended December 31, 2022
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	181	$	27	$	31	$	14
Deferrals	2		–		1		4
Amortization	(16)		(4)		(2)		(1)
Balance as of end-of-year	$	167	$	23	$	30	$	17

DSI amortization expense of $21 million, $23 million and $27 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, respectively.

57

The following tables summarize the changes in DFEL (in millions):

	For the Year Ended December 31, 2023				For the Year Ended December 31, 2022
	Variable Annuities		UL and Other		Variable Annuities		UL and Other
Balance as of beginning-of-year	$	310	$	4,766	$	318	$	3,934
Deferrals	19		1,074		22		1,061
Amortization	(29)		(261)		(30)		(229)
Balance as of end-of-year	300		5,579		310		4,766
Less: ceded DFEL	–		2,252		–		31
Balance as of end-of-year, net of reinsurance	$	300	$	3,327	$	310	$	4,735

DFEL amortization of $290 million, $259 million and $220 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, respectively.

8. Reinsurance

The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:

	For the Years Ended December 31,
	2023		2022		2021
Direct insurance premiums and fee income	$	13,661	$	13,479	$	13,277
Reinsurance assumed	91		102		97
Reinsurance ceded (1)	(5,168)		(2,374)		(2,249)
Total insurance premiums and fee income	$	8,584	$	11,207	$	11,125
Direct insurance benefits	$	10,178	$	10,266	$	10,491
Reinsurance ceded (1)	(5,150)		(2,063)		(2,464)
Total benefits	$	5,028	$	8,203	$	8,027
Direct market risk benefit (gain) loss	$	(2,309)	$	(3,517)	$	(4,011)
Reinsurance ceded	1,174		3,814		2,457
Total market risk benefit (gain) loss	$	(1,135)	$	296	$	(1,554)
Direct policyholder liability remeasurement (gain) loss	$	(234)	$	3,284	$	(164)
Reinsurance ceded	67		(839)		45
Total policyholder liability remeasurement (gain) loss	$	(167)	$	2,445	$	(119)

(1) Includes impacts related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023

We and LLANY cede insurance to other companies. The portion of our annuity and life insurance risks exceeding each of our insurance companies’ retention limit is reinsured with other insurers. We seek reinsurance coverage to limit our exposure to mortality losses and to enhance our capital management. Reinsurance does not discharge us from our primary obligation to contract holders for losses incurred under the policies we issue. We evaluate each reinsurance agreement to determine whether the agreement provides indemnification against loss or liability. As discussed in Note 26, a portion of this reinsurance activity is with affiliated companies.

As of December 31, 2023, the policy for our reinsurance program was to retain up to $20 million on a single insured life. As the amount we retain varies by policy, we reinsured 27% of the mortality risk on newly issued life insurance contracts in 2023.

Reinsurance Exposures

We focus on obtaining reinsurance from a diverse group of reinsurers, and we monitor concentration as well as financial strength ratings of our reinsurers.

58

LNBAR

We reinsure blocks of business to LNBAR, an affiliated reinsurer. The amounts recoverable from LNBAR were $15.6 billion and $2.2 billion as of December 31, 2023 and 2022, respectively. The increase was driven primarily by an agreement between us and LNBAR that is structured as a coinsurance treaty, with some assets withheld, for certain blocks of in-force MoneyGuard® products. As significant insurance risk was transferred for the MoneyGuard blocks, amounts recoverable from LNBAR were $13.2 billion as of December 31, 2023. We recorded a deferred gain on the transaction of $4.2 billion, of which $14 million was amortized during 2023. As of December 31, 2023, we held other investments and cash and invested cash with a carrying value of $759 million and $112 million, respectively, in support of reserves associated with this agreement.

LNBAR has funded trusts to support reserves ceded by us of which the balance in the trusts changes as a result of ongoing reinsurance activity and totaled $13.0 billion and $2.2 billion as of December 31, 2023 and 2022, respectively.

Fortitude Re

Effective October 1, 2023, we entered into a reinsurance agreement with Fortitude Re, an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees (“ULSG”) and fixed annuity products, including group pension annuities. Fortitude Re represents our largest unaffiliated reinsurance exposure as of December 31, 2023.

The agreement between us and Fortitude Re is structured as a coinsurance treaty for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $10.5 billion as of December 31, 2023. We recorded a deferred loss on the transaction of $2.7 billion, of which $11 million was amortized during 2023. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we recorded deposit assets for these contracts of $4.2 billion as of December 31, 2023.

Resolution Life

Effective October 1, 2021, we entered into a reinsurance agreement with Security Life of Denver Insurance Company (a subsidiary of Resolution Life that we refer to herein as “Resolution Life”) to reinsure liabilities under a block of in-force executive benefit and universal life policies. The agreement is structured as coinsurance for the general account reserves and modified coinsurance for the separate account reserves. Amounts recoverable from Resolution Life were $5.0 billion as of December 31, 2023 and 2022, respectively. Resolution Life has funded trusts, the balances of which change as a result of ongoing reinsurance activity to support the business ceded, that totaled $3.8 billion and $4.1 billion as of December 31, 2023 and 2022, respectively. We recognized a realized gain of $635 million in 2021 for the coinsurance portion of the transaction upon the transfer of a portfolio of assets to Resolution Life.

Protective

The sale of individual life and individual and group annuity business acquired from Liberty Life Assurance Company of Boston completed May 1, 2018 resulted in amounts recoverable from Protective of $9.1 billion and $9.6 billion as of December 31, 2023 and 2022, respectively. Protective has funded trusts, of which the balance in the trusts changes as a result of ongoing reinsurance activity, to support the business ceded, which totaled $10.5 billion and $11.5 billion as of December 31, 2023 and 2022, respectively. Protective represents our second largest unaffiliated reinsurance exposure as of December 31, 2023.

59

Athene

Effective October 1, 2018, we entered into a modified coinsurance agreement with Athene Holding Ltd. (“Athene”) to reinsure fixed annuity products, which resulted in a deposit asset of $2.7 billion and $3.8 billion as of December 31, 2023 and 2022, respectively. We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions):

	As of December 31,
	2023		2022
Fixed maturity AFS securities	$	177	$	474
Trading securities	1,556		2,644
Equity securities	58		60
Mortgage loans on real estate	288		487
Derivative investments	43		39
Other investments	41		42
Cash and invested cash	582		26
Accrued investment income	23		35
Other assets	6		2
Total	$	2,774	$	3,809

The portfolio was supported by $77 million of over-collateralization and a $83 million letter of credit as of December 31, 2023. Additionally, we recorded a deferred gain on business sold through reinsurance related to the transaction with Athene and amortized $33 million, $25 million and $26 million of the gain during 2023, 2022 and 2021, respectively. See “Realized Gain (Loss)” in Note 21 for information on reinsurance-related embedded derivatives.

Swiss Re

Our reinsurance operations were acquired by Swiss Re in December 2001 through a series of indemnity reinsurance transactions. As such, Swiss Re reinsured certain liabilities and obligations under the indemnity reinsurance agreements. As we are not relieved of our liability to the ceding companies for this business, the liabilities and obligations associated with the reinsured policies remain on the Consolidated Balance Sheets with a corresponding reinsurance recoverable from Swiss Re, which totaled $1.6 billion as of December 31, 2023 and 2022, respectively. Swiss Re has funded a trust, with a balance of $656 million and $710 million as of December 31, 2023 and 2022, respectively, to support this business. In addition to various remedies that we would have in the event of a default by Swiss Re, we continue to hold assets in support of certain of the transferred reserves. These assets consist of those reported as trading securities and certain mortgage loans.

Credit Losses on Reinsurance-Related Assets

In connection with our recognition of an allowance for credit losses for reinsurance-related assets, we perform a quantitative analysis using a probability of loss approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. Our allowance for credit losses was $76 million and $315 million as of December 31, 2023 and 2022, respectively. The decrease was primarily attributable to the release of the allowance for credit losses related to a third-party reinsurer, Scottish Re (U.S.) Inc. (“Scottish Re”), where liquidation proceedings commenced during the third quarter of 2023. Effective September 30, 2023, reinsurance coverage terminated and all business ceded to Scottish Re was therefore recaptured. See Note 21 for additional information.

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9. Goodwill and Specifically Identifiable Intangible Assets

The changes in the carrying amount of goodwill (in millions) by reportable segment were as follows:

					For the Year Ended December 31, 2023
	Gross Goodwill as of Beginning- of-Year		Accumulated Impairment as of Beginning- of-Year		Net Goodwill as of Beginning- of-Year		Impairment		Net Goodwill as of End- of-Year
Annuities	$	1,040	$	(600)	$	440	$	–	$	440
Group Protection	684		–		684		–		684
Retirement Plan Services	20		–		20		–		20
Total goodwill	$	1,744	$	(600)	$	1,144	$	–	$	1,144

					For the Year Ended December 31, 2022
	Gross Goodwill as of Beginning- of-Year		Accumulated Impairment as of Beginning- of-Year		Net Goodwill as of Beginning- of-Year		Impairment		Net Goodwill as of End- of-Year
Annuities	$	1,040	$	(600)	$	440	$	–	$	440
Life Insurance	2,186		(1,552)		634		(634)		–
Group Protection	684		–		684		–		684
Retirement Plan Services	20		–		20		–		20
Total goodwill	$	3,930	$	(2,152)	$	1,778	$	(634)	$	1,144

The fair values of our reporting units (Level 3 fair value estimates) are comprised of the value of in-force (i.e., existing) business and the value of new business. Specifically, new business is representative of cash flows and profitability associated with policies or contracts we expect to issue in the future, reflecting our forecasts of future sales volume and product mix over a 10-year period. To determine the values of in-force and new business, we use a discounted cash flows technique that applies a discount rate reflecting the market expected, weighted-average rate of return adjusted for the risk factors associated with operations to the projected future cash flows for each reporting unit.

2023 Analysis

As of October 1, 2023, we performed our annual quantitative goodwill impairment test for our Annuities, Group Protection and Retirement Plan Services reporting units, and, as of such date, the fair value was in excess of each reporting unit’s carrying value.

2022 Analysis

As a result of the capital market environment during the third quarter of 2022, including (i) declining equity markets and (ii) the impact of rising interest rates on our discount rate assumption, we accelerated our quantitative goodwill impairment test for our Life Insurance reporting unit as we concluded that there were indicators of impairment. Based on this quantitative test, which included updating our best estimate assumptions therein, we incurred an impairment during the third quarter of 2022 of the Life Insurance reporting unit goodwill of $634 million, which represented a write-off of the entire balance of goodwill for the reporting unit.

As of October 1, 2022, we performed our annual quantitative goodwill impairment test for our other reporting units, and, as of such date, the fair value was in excess of the carrying value for each of the Annuities, Group Protection and Retirement Plan Services reporting units.

61

The gross carrying amounts and accumulated amortization (in millions) for each major specifically identifiable intangible asset class by reportable segment were as follows:

	As of December 31, 2023				As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Life Insurance:
Sales force	$	100	$	71	$	100	$	67
Group Protection:
VOCRA	576		145		576		115
VODA	31		12		31		10
Retirement Plan Services:
Mutual fund contract rights (1)	5		–		5		–
Total	$	712	$	228	$	712	$	192

(1 ) No amortization recorded as the intangible asset has indefinite life.

Future estimated amortization of specifically identifiable intangible assets (in millions) as of December 31, 2023, was as follows:

2024	$	37
2025	37
2026	37
2027	37
2028	37
Thereafter	294

10. MRBs

The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

	As of December 31, 2023						As of December 31, 2022
	Assets		Liabilities		Net (Assets) Liabilities		Assets		Liabilities		Net (Assets) Liabilities
Variable Annuities	$	3,763	$	1,583	$	(2,180)	$	2,666	$	2,004	$	(662)
Fixed Annuities	96		128		32		117		72		(45)
Retirement Plan Services	35		5		(30)		24		2		(22)
Total MRBs	$	3,894	$	1,716	$	(2,178)	$	2,807	$	2,078	$	(729)

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The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

	As of or For the Year Ended December 31, 2023						As of or For the Year Ended December 31, 2022
	Variable Annuities		Fixed Annuities		Retirement Plan Services		Variable Annuities		Fixed Annuities		Retirement Plan Services
Balance as of beginning-of-year	$	(662)	$	(45)	$	(22)	$	2,398	$	114	$	(1)
Less: Effect of cumulative changes in
non-performance risk	(2,173)		(40)		(2)		(2,425)		(44)		(13)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk	1,511		(5)		(20)		4,823		158		12
Issuances	8		–		–		12		–		(3)
Attributed fees collected	1,497		32		6		1,571		32		6
Benefit payments	(64)		–		–		(63)		–		–
Effect of changes in interest rates	(110)		(24)		5		(9,346)		(232)		(55)
Effect of changes in equity markets	(3,167)		(12)		(13)		4,293		12		18
Effect of changes in equity index volatility	(593)		9		(3)		(225)		14		(1)
In-force updates and other changes in MRBs (1)	136		5		1		661		10		3
Effect of assumption review:
Effect of changes in future expected
policyholder behavior	(33)		70		–		(158)		1		–
Effect of changes in other future expected
assumptions (2)	(66)		15		(2)		(57)		–		–
Balance as of end-of-year, before the effect of
changes in non-performance risk	(881)		90		(26)		1,511		(5)		(20)
Effect of cumulative changes in
non-performance risk	(1,299)		(58)		(4)		(2,173)		(40)		(2)
Balance as of end-of-year	(2,180)		32		(30)		(662)		(45)		(22)
Less: ceded MRB assets (liabilities)	(870)		–		(5)		294		–		–
Balance as of end-of-year, net of reinsurance	$	(1,310)	$	32	$	(25)	$	(956)	$	(45)	$	(22)
Weighted-average age of policyholders (years)	72		68		63		71		68		63
Net amount at risk (3)	$	3,031	$	203	$	4	$	7,974	$	171	$	15

(1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.

(2) Consists primarily of the update of fund mapping, volatility and other capital market assumptions.

(3) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

Effect of Assumption Review

For the year ended December 31, 2023, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to volatility and policyholder GLB utilization behavior assumptions, partially offset by unfavorable impacts from updates to mortality and policyholder lapse behavior assumptions. For the year ended December 31, 2023, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder GLB utilization and lapse behavior assumptions. Retirement Plan Services did not have any significant assumption updates.

For the year ended December 31, 2022, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to policyholder benefit utilization behavior and fund mapping and volatility assumptions. Fixed Annuities and Retirement Plan Services did not have any significant assumption updates.

See “MRBs” in Note 1 and Note 15 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

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11. Separate Accounts

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

	As of December 31,
	2023		2022
Mutual funds and collective investment trusts	$	157,578	$	142,892
Exchange-traded funds	350		258
Fixed maturity AFS securities	167		169
Cash and invested cash	25		98
Other investments	137		119
Total separate account assets	$	158,257	$	143,536

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

	As of December 31,
	2023		2022
Variable Annuities	$	113,356	$	105,573
UL and Other	25,150		20,920
Retirement Plan Services	19,699		16,996
Other Operations (1)	52		47
Total separate account liabilities	$	158,257	$	143,536

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements

with Protective ($46 million and $42 million as of December 31, 2023 and December 31, 2022, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):

	As of or For the Year Ended December 31, 2023						As of or For the Year Ended December 31, 2022
	Variable Annuities		UL and Other		Retirement Plan Services		Variable Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	105,573	$	20,920	$	16,996	$	136,665	$	24,785	$	21,068
Gross deposits	2,982		1,630		2,222		3,371		1,900		2,378
Withdrawals	(10,177)		(313)		(2,527)		(9,238)		(454)		(2,378)
Policyholder assessments	(2,510)		(964)		(163)		(2,603)		(938)		(164)
Change in market performance	16,870		3,973		3,221		(23,194)		(4,371)		(3,710)
Net transfers from (to) general account	618		(96)		(50)		572		(2)		(198)
Balance as of end-of-year	$	113,356	$	25,150	$	19,699	$	105,573	$	20,920	$	16,996
Cash surrender value	$	111,928	$	22,760	$	19,684	$	103,987	$	18,666	$	16,982

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12. Policyholder Account Balances

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

	As of December 31,
	2023		2022
Variable Annuities	$	29,141	$	22,184
Fixed Annuities	25,330		23,338
UL and Other	36,784		37,258
Retirement Plan Services	23,784		25,138
Other (1)	5,277		6,054
Total policyholder account balances	$	120,316	$	113,972

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.9 billion and $5.7 billion as of December 31, 2023 and December 31, 2022, respectively) that are excluded from the following tables.

The following table summarizes the balances and changes in policyholder account balances (in millions):

	As of or For the Year Ended December 31, 2023
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	22,184		$	23,338		$	37,258		$	25,138
Gross deposits	4,709			5,130			3,739			2,776
Withdrawals	(742)			(3,926)			(1,430)			(4,494)
Policyholder assessments	(1)			(56)			(4,464)			(14)
Net transfers from (to) separate account	(427)			–			97			(295)
Interest credited	548			642			1,463			673
Change in fair value of embedded derivative
instruments	2,870			202			121			–
Balance as of end-of-year	$	29,141		$	25,330		$	36,784		$	23,784
Weighted-average crediting rate	2.1		%	2.7		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	3,031		$	203		$	300,994		$	4
Cash surrender value	27,975			24,324			32,585			23,765

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	As of or For the Year Ended December 31, 2022
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	19,148		$	22,522		$	37,719		$	23,579
Gross deposits	5,178			3,284			3,905			4,012
Withdrawals	(417)			(2,511)			(1,215)			(3,579)
Policyholder assessments	(2)			(51)			(4,446)			(13)
Net transfers from (to) separate account	(492)			–			2			510
Interest credited	287			532			1,476			629
Change in fair value of embedded derivative
instruments	(1,518)			(438)			(183)			–
Balance as of end-of-year	$	22,184		$	23,338		$	37,258		$	25,138
Weighted-average crediting rate	1.4		%	2.4		%	3.9		%	2.6		%
Net amount at risk (1)(2)	$	7,974		$	171		$	302,481		$	15
Cash surrender value	21,147			22,502			33,130			25,133

(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

(2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances.

66

The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:

	As of December 31, 2023
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	5		–		–		–		7		12
2.01% - 3.00%	576		–		–		–		–		576
3.01% - 4.00%	1,370		–		–		–		–		1,370
4.01% and above	10		–		–		–		–		10
Other (1)	–		–		–		–		–		27,173
Total	$	1,961	$	–	$	–	$	–	$	7	$	29,141
Fixed Annuities
Up to 1.00%	$	696	$	511	$	546	$	505	$	2,429	$	4,687
1.01% - 2.00%	426		97		235		527		3,081		4,366
2.01% - 3.00%	1,805		35		6		–		18		1,864
3.01% - 4.00%	903		–		–		–		–		903
4.01% and above	180		–		–		–		–		180
Other (1)	–		–		–		–		–		13,330
Total	$	4,010	$	643	$	787	$	1,032	$	5,528	$	25,330
UL and Other
Up to 1.00%	$	275	$	–	$	195	$	121	$	352	$	943
1.01% - 2.00%	557		–		–		–		3,125		3,682
2.01% - 3.00%	6,925		11		148		–		–		7,084
3.01% - 4.00%	15,202		–		1		–		–		15,203
4.01% and above	3,730		–		–		–		–		3,730
Other (1)	–		–		–		–		–		6,142
Total	$	26,689	$	11	$	344	$	121	$	3,477	$	36,784
Retirement Plan Services
Up to 1.00%	$	452	$	569	$	744	$	4,904	$	2,979	$	9,648
1.01% - 2.00%	550		2,065		1,575		832		–		5,022
2.01% - 3.00%	2,492		–		–		–		–		2,492
3.01% - 4.00%	5,012		–		–		–		–		5,012
4.01% and above	1,610		–		–		–		–		1,610
Total	$	10,116	$	2,634	$	2,319	$	5,736	$	2,979	$	23,784

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	As of December 31, 2022
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	4		–		–		8		–		12
2.01% - 3.00%	658		–		–		–		–		658
3.01% - 4.00%	1,545		–		–		–		–		1,545
4.01% and above	11		–		–		–		–		11
Other (1)	–		–		–		–		–		19,958
Total	$	2,218	$	–	$	–	$	8	$	–	$	22,184
Fixed Annuities
Up to 1.00%	$	891	$	497	$	589	$	563	$	1,329	$	3,869
1.01% - 2.00%	544		144		179		492		1,057		2,416
2.01% - 3.00%	1,973		5		1		–		–		1,979
3.01% - 4.00%	1,326		–		–		–		–		1,326
4.01% and above	193		–		–		–		–		193
Other (1)	–		–		–		–		–		13,555
Total	$	4,927	$	646	$	769	$	1,055	$	2,386	$	23,338
UL and Other
Up to 1.00%	$	318	$	–	$	194	$	29	$	292	$	833
1.01% - 2.00%	558		–		–		–		3,282		3,840
2.01% - 3.00%	7,218		156		–		–		–		7,374
3.01% - 4.00%	15,858		–		1		–		–		15,859
4.01% and above	3,824		–		–		–		–		3,824
Other (1)	–		–		–		–		–		5,528
Total	$	27,776	$	156	$	195	$	29	$	3,574	$	37,258
Retirement Plan Services
Up to 1.00%	$	961	$	1,001	$	4,304	$	1,703	$	1,908	$	9,877
1.01% - 2.00%	1,774		2,197		982		462		–		5,415
2.01% - 3.00%	2,711		1		–		–		–		2,712
3.01% - 4.00%	5,622		1		–		–		–		5,623
4.01% and above	1,511		–		–		–		–		1,511
Total	$	12,579	$	3,200	$	5,286	$	2,165	$	1,908	$	25,138

(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.

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13. Future Contract Benefits

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

	As of December 31,
	2023		2022
Payout Annuities (1)	$	2,084	$	2,003
Traditional Life (1)	3,553		3,190
Group Protection (2)	5,689		5,462
UL and Other (3)	15,752		14,777
Other Operations (4)	9,753		9,651
Other (5)	3,343		3,219
Total future contract benefits	$	40,174	$	38,302

(1) See “LFPB” below for further information.

(2) See “Liability for Future Claims” below for further information.

(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.

(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.6 billion and $5.4 billion as of December 31, 2023, and December 31, 2022, respectively) and Swiss Re ($2.1 billion and $2.2 billion as of December 31, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.

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LFPB

The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

	As of or For the Year Ended December 31, 2023				As of or For the Year Ended December 31, 2022
	Payout Annuities		Traditional Life		Payout Annuities		Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$	–	$	5,896	$	–	$	6,610
Less: Effect of cumulative changes in discount
rate assumptions	–		(584)		–		843
Beginning balance at original discount rate	–		6,480		–		5,767
Effect of changes in cash flow assumptions	–		(5)		–		(382)
Effect of actual variances from expected experience	–		(275)		–		(21)
Adjusted balance as of beginning-of-year	–		6,200		–		5,364
Issuances	–		580		–		1,655
Interest accrual	–		236		–		209
Net premiums collected	–		(784)		–		(742)
Flooring impact of LFPB	–		4		–		(6)
Ending balance at original discount rate	–		6,236		–		6,480
Effect of cumulative changes in discount rate assumptions	–		(152)		–		(584)
Balance as of end-of-year	$	–	$	6,084	$	–	$	5,896
Present Value of Expected LFPB
Balance as of beginning-of-year	$	2,003	$	9,086	$	2,511	$	10,353
Less: Effect of cumulative changes in discount
rate assumptions	(263)		(793)		266		1,460
Beginning balance at original discount rate (1)	2,266		9,879		2,245		8,893
Effect of changes in cash flow assumptions	–		(21)		–		(321)
Effect of actual variances from expected experience	1		(305)		3		(5)
Adjusted balance as of beginning-of-year	2,267		9,553		2,248		8,567
Issuances	109		580		122		1,655
Interest accrual	86		364		84		326
Benefit payments	(191)		(658)		(188)		(669)
Ending balance at original discount rate (1)	2,271		9,839		2,266		9,879
Effect of cumulative changes in discount rate assumptions	(187)		(202)		(263)		(793)
Balance as of end-of-year	$	2,084	$	9,637	$	2,003	$	9,086
Net balance as of end-of-year	$	2,084	$	3,553	$	2,003	$	3,190
Less: reinsurance recoverables (2)	1,627		255		10		270
Net balance as of end-of-year, net of reinsurance	$	457	$	3,298	$	1,993	$	2,920
Weighted-average duration of future policyholder
benefit liability (years)	9		10		9		11

(1) Includes DPL within Payout Annuities of $56 million, $38 million and $22 million as of December 31, 2023, December 31, 2022 and December 31, 2021, respectively.

(2)    Increase in Payout Annuities reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force life-contingent payout fixed annuities. See Note 8 for more information on the transaction.

For the year ended December 31, 2023, Payout Annuities did not have any significant assumption updates. For the year ended December 31, 2023, Traditional Life had a favorable cash flow assumption impact from updates to mortality assumptions, partially offset by an unfavorable impact from updates to policyholder lapse behavior assumptions. For the year ended December 31, 2023, Payout Annuities and Traditional Life did not have any significantly different actual experience compared to expected.

70

For the year ended December 31, 2022, Payout Annuities did not have any significant assumption updates. Traditional Life had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to mortality and lapse assumptions resulting in lower projected premiums and benefits, and a corresponding increase in reserves. For the year ended December 31, 2022, Payout Annuities and Traditional Life did not have any significantly different actual experience compared to expected.

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

	As of December 31, 2023				As of December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Payout Annuities
Expected future gross premiums	$	–	$	–	$	–	$	–
Expected future benefit payments	3,481		2,084		3,471		2,003
Traditional Life
Expected future gross premiums	13,406		9,341		13,166		8,887
Expected future benefit payments	13,404		9,637		13,026		9,086

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Years Ended December 31,
	2023		2022		2021
Payout Annuities
Gross premiums	$	116	$	133	$	95
Interest accretion	86		84		84
Traditional Life
Gross premiums	1,183		1,136		1,022
Interest accretion	128		117		113

The following table summarizes the weighted-average interest rates:

	For the Years Ended December 31,
	2023		2022
Payout Annuities
Interest accretion rate	3.9	%	3.9	%
Current discount rate	4.9	%	5.3	%
Traditional Life
Interest accretion rate	5.0	%	5.0	%
Current discount rate	4.7	%	5.1	%

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Liability for Future Claims

The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

	Group Protection
	As of or For the Years Ended December 31,
	2023		2022
Balance as of beginning-of-year	$	5,462	$	5,936
Less: Effect of cumulative changes in discount
rate assumptions	(597)		262
Beginning balance at original discount rate	6,059		5,674
Effect of changes in cash flow assumptions	(27)		15
Effect of actual variances from expected
experience	(261)		(117)
Adjusted beginning-of-year balance	5,771		5,572
New incidence	1,702		1,777
Interest	159		141
Benefit payments	(1,453)		(1,431)
Ending balance at original discount rate	6,179		6,059
Effect of cumulative changes in discount
rate assumptions	(490)		(597)
Balance as of end-of-year	5,689		5,462
Less: reinsurance recoverables	123		127
Balance as of end-of-year, net of reinsurance	$	5,566	$	5,335
Weighted-average duration of liability for future
claims (years)	5		4

For the year ended December 31, 2023, we had a favorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to long-term disability and life waiver claim termination rate assumptions, partially offset by unfavorable impacts from updates to long-term disability social security offset assumptions. For the year ended December 31, 2023, we experienced more favorable reported incidence and claim terminations than assumed.

For the year ended December 31, 2022, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to the long-term disability incidence and severity assumptions, partially offset by favorable impacts from updates to the life waiver termination rate assumptions. For the year ended December 31, 2022, we experienced more favorable claim terminations than assumed.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

	As of December 31, 2023				As of December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Group Protection
Expected future benefit payments	$	7,250	$	6,179	$	7,063	$	6,059

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Years Ended December 31,
	2023		2022		2021
Group Protection
Gross premiums	$	3,549	$	3,393	$	3,145
Interest accretion	159		141		145

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The following table summarizes the weighted-average interest rates:

	For the Years Ended December 31,
	2023		2022
Group Protection
Interest accretion rate	3.0	%	2.8	%
Current discount rate	4.7	%	5.1	%

Additional Liabilities for Other Insurance Benefits

The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

	UL and Other
	As of or For the Years Ended December 31,
	2023		2022
Balance as of beginning-of-year	$	14,777	$	12,513
Less: Effect of cumulative changes in shadow
balance in AOCI	(905)		1,113
Balance as of beginning-of-year, excluding
shadow balance in AOCI	15,682		11,400
Effect of changes in cash flow assumptions	165		3,108
Effect of actual variances from expected
experience	(77)		195
Adjusted beginning-of-year balance	15,770		14,703
Issuances	–		7
Interest accrual	765		626
Net assessments collected	658		974
Benefit payments	(588)		(628)
Balance as of end-of-year, excluding
shadow balance in AOCI	16,605		15,682
Effect of cumulative changes in shadow
balance in AOCI	(853)		(905)
Balance as of end-of-year	15,752		14,777
Less: reinsurance recoverables (1)	9,505		1,975
Balance as of end-of-year, net of reinsurance	$	6,247	$	12,802
Weighted-average duration of additional liabilities
for other insurance benefits (years)	17		17

(1) Increase in reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force ULSG. See Note 8 for more information on the transaction.

For the year ended December 31, 2023, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to policyholder lapse behavior assumptions, partially offset by a favorable impact from updates to interest rate assumptions. For the year ended December 31, 2023, we did not have any significantly different actual experience compared to expected.

For the year ended December 31, 2022, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review primarily from updates to policyholder lapse behavior assumptions related to UL products with secondary guarantees in the amount of 1.7 billion, net of reinsurance, after-tax, and to a lesser extent mortality and morbidity assumptions. For the year ended December 31, 2022, we had unfavorable actual mortality experience compared to expected due to ongoing effects of the COVID-19 pandemic.

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The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Years Ended December 31,
	2023		2022		2021
UL and Other
Gross assessments	$	1,221	$	2,818	$	3,150
Interest accretion	765		626		498

The following table summarizes the weighted-average interest rates:

	For the Years Ended December 31,
	2023		2022
UL and Other
Interest accretion rate	5.3	%	5.0	%

14. Short-Term and Long-Term Debt

Details underlying short-term and long-term debt (in millions) were as follows:

	As of December 31,
	2023		2022
Short-Term Debt
Current maturities of long-term debt	$	50	$	—
Short-term debt (1)	790		562
Total short-term debt	$	840	$	562
Long-Term Debt, Excluding Current Portion
9.76% surplus note, due 2024	$	—	$	50
6.03% surplus note, due 2028	750		750
6.56% surplus note, due 2028	500		500
SOFR + 111 bps surplus note, due 2028	71		71
SOFR + 226 bps surplus note, due 2028	544		568
SOFR + 200 bps surplus note, due 2035	30		30
SOFR + 155 bps surplus note, due 2037	25		25
4.20% surplus note, due 2037	50		50
SOFR + 100 bps surplus note, due 2037	154		154
4.225% surplus note, due 2037	28		28
4.00% surplus note, due 2037	30		30
4.50% surplus note, due 2038	13		13
Total long-term debt	$	2,195	$	2,269

(1) The short-term debt represents short-term notes payable to LNC.

Effective July 1, 2023, we transitioned from LIBOR to Secured Overnight Financing Rate (“SOFR”) as the reference rate for our variable-rate debt.

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Future principal payments due on long-term debt (in millions) as of December 31, 2023, were as follows:

2024	$	50
2025	–
2026	–
2027	–
2028	1,865
Thereafter	330
Total	$	2,245

We issued a surplus note of $50 million to LNC in 1994. The note calls for us to pay the principal amount of the note on or before September 30, 2024, and interest to be paid semiannually at an annual rate of 9.76%. Subject to approval by the Commissioner, we have the right to repay the note on any March 31 or September 30.

We issued a surplus note of $500 million to LNC in 1998. The note calls for us to pay the principal amount of the note on or before March 31, 2028, and interest to be paid quarterly at an annual rate of 6.56%. Subject to approval by the Commissioner, LNC has the right to redeem the note for immediate repayment in total or in part once per year on the anniversary date of the note. Any payment of interest or repayment of principal may be paid only out of our statutory earnings, only if our statutory capital surplus exceeds our statutory capital as of the date of note issuance of $2.3 billion, and subject to approval by the Commissioner.

We issued a surplus note of $71 million to LNC in October 2013. The note calls for us to pay the principal amount of the note on or before September 24, 2028, and interest to be paid quarterly at an annual rate of SOFR + 111 bps. Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

We issued a variable surplus note to a wholly-owned subsidiary of LNC in December 2013 with an initial outstanding principal amount of $287 million. The note calls for us to pay the principal amount of the note on or before October 1, 2028, and interest to be paid quarterly at an annual rate of SOFR + 226 bps.The outstanding principal amount as of December 31, 2023, was $544 million.

We issued a surplus note of $750 million to LNC in 1998. The note calls for us to pay the principal amount of the note on or before December 31, 2028, and interest to be paid quarterly at an annual rate of 6.03%. Subject to approval by the Commissioner, LNC has the right to redeem the note for immediate repayment in total or in part once per year on the anniversary date of the note. Any payment of interest or repayment of principal may be paid only out of our statutory earnings, only if our statutory capital surplus exceeds our statutory capital surplus as of the date of note issuance of $2.4 billion, and subject to approval by the Commissioner.

We issued a surplus note of $30 million to LNC in 2015. The note calls for us to pay the principal amount of the note on or before September 28, 2035, and interest to be paid quarterly at an annual rate of SOFR +200 bps.Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

We issued a surplus note of $25 million to LNC in July 2017. The note calls for us to pay the principal amount of the note on or before June 30, 2037, and interest to be paid quarterly at an annual rate of SOFR + 155 bps. Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

We issued a surplus note of $50 million to LNC in October 2017. The note calls for us to pay the principal amount of the note on or before July 1, 2037, and interest to be paid quarterly at an annual rate of 4.20%. Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

We issued a surplus note of $375 million to LNC in 2007. The note calls for us to pay the principal amount of the note on or before October 9, 2037, and interest to be paid quarterly at an annual rate of SOFR +100 bps. The surplus note was amended in 2017 to include repayment terms stating subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest. The outstanding principal amount as of December 31, 2023, was $154 million due to executing our right to repay the surplus note in part to LNC.

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We issued a surplus note of $13 million to LNC in 2018. The note calls for us to pay the principal amount of the note on or before June 30, 2038, and interest to be paid quarterly at an annual rate of 4.50%. Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

We issued a surplus note of $28 million to LNC in 2019. The note calls for us to pay the principal amount of the note on or before October 9, 2037, and interest to be paid quarterly at an annual rate of 4.225%. Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

We issued a surplus note of $30 million to LNC in 2020. The note calls for us to pay the principal amount of the note on or before October 9, 2037, and interest to be paid quarterly at an annual rate of 4.00%. Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

Credit Facilities

Credit facilities, which allow for borrowing or issuances of letters of credit (“LOCs”), (in millions) were as follows:

		As of December 31, 2023
	Expiration Date	Maximum Available		LOCs Issued
Credit Facilities
Five-year revolving credit facility	December 21, 2028	$	2,000	$	116
LOC facility (1)	August 26, 2031	976		917
LOC facility (1)	October 1, 2031	859		859
Total		$	3,835	$	1,892

(1) Our wholly-owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements.

On December 21, 2023, LNC entered into a second amended and restated credit agreement with a syndicate of banks, which amended and restated our existing five-year revolving amended and restated credit agreement. The credit agreement, which is unsecured, allows for the issuance of LOCs and borrowing of up to $2.0 billion and has a commitment termination date of December 21, 2028. The LOCs under the credit facility are used primarily to satisfy reserve credit requirements of (i) LNL and LNC’s other domestic insurance companies for which reserve credit is provided by our captive reinsurance subsidiaries and LNBAR and (ii) certain ceding companies of our legacy reinsurance business.

The credit agreement, as currently in effect, contains:

•Customary terms and conditions, including covenants restricting the ability of LNC and its subsidiaries to incur liens and the ability of LNC to merge or consolidate with another entity where it is not the surviving entity and dispose of all or substantially all of its assets;

•Financial covenants including maintenance by LNC of a minimum consolidated net worth equal to the sum of $8.626 billion plus 50% of the aggregate net proceeds of equity issuances received by LNC or any of its subsidiaries after September 30, 2023, all as more fully set forth in the agreement; and a debt-to-capital ratio as defined in accordance with the agreement not to exceed 0.35 to 1.00;

•A cap on LNC’s secured non-operating indebtedness and non-operating indebtedness of LNC’s subsidiaries equal to 7.5% of total capitalization, as defined in accordance with the agreement; and

•Customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default.

Upon an event of default, the credit facility agreement, as currently in effect, provides that, among other things, the commitments may be terminated and the loans then outstanding may be declared due and payable. As of December 31, 2023, LNC was in compliance with all such covenants.

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Our LOC facility agreements each contain customary terms and conditions, including early termination fees, covenants restricting the ability of the subsidiaries to incur liens, merge or consolidate with another entity and dispose of all or substantially all of their assets. Upon an event of early termination, the agreements require the immediate payment of all or a portion of the present value of the future LOC fees that would have otherwise been paid. Further, the agreements contain customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default. The events of default include payment defaults, covenant defaults, material inaccuracies in representations and warranties, bankruptcy and liquidation proceedings and other customary defaults. Upon an event of default, the agreements provide that, among other things, obligations to issue, amend or increase the amount of any LOC shall be terminated and any obligations shall become immediately due and payable. As of December 31, 2023, we were in compliance with all such covenants.

15. Fair Value of Financial Instruments

The carrying values and estimated fair values of our financial instruments (in millions) were as follows:

	As of December 31, 2023				As of December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Fixed maturity AFS securities	$	82,300	$	82,300	$	99,465	$	99,465
Trading securities	2,321		2,321		3,446		3,446
Equity securities	306		306		427		427
Mortgage loans on real estate	18,873		17,330		18,211		16,477
Derivative investments	6,305		6,305		3,519		3,519
Other investments	4,757		4,757		3,577		3,577
Cash and invested cash	3,193		3,193		2,499		2,499
MRB assets	3,894		3,894		2,807		2,807
Other assets:
Ceded MRBs	274		274		540		540
Indexed annuity ceded embedded derivatives	940		940		525		525
LPR ceded derivative	206		206		212		212
Separate account assets	158,257		158,257		143,536		143,536
Liabilities
Policyholder account balances:
Account balances of certain investment contracts	(44,615)		(34,020)		(43,550)		(34,251)
RILA, fixed annuity and IUL contracts	(9,077)		(9,077)		(4,783)		(4,783)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	493		493		681		681
MRB liabilities	(1,716)		(1,716)		(2,078)		(2,078)
Short-term debt	(840)		(841)		(562)		(562)
Long-term debt	(2,195)		(2,125)		(2,269)		(2,166)
Other liabilities:
Ceded MRBs	(1,149)		(1,149)		(246)		(246)
Derivative liabilities	(356)		(356)		(254)		(254)
Remaining guaranteed interest and similar contracts	(411)		(411)		(574)		(574)

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

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Mortgage Loans on Real Estate

The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy.

Other Investments

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

Separate Account Assets

Separate account assets are primarily carried at fair value.  A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy.

Policyholder Account Balances

Policyholder account balances include account balances of certain investment contracts. The fair value of the account balances of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

Other Liabilities

Other liabilities include remaining guaranteed interest and similar contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of December 31, 2023 and 2022, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The inputs used to measure the fair value of these other liabilities are classified as Level 3 within the fair value hierarchy.

Short-Term and Long-Term Debt

The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.

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Fair Value Option

Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads

and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.

The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

	As of December 31,
	2023		2022
Fair value	$	288	$	487
Aggregate contractual principal	326		514

As of December 31, 2023 and 2022, noloans for which the fair value option was elected were in non-accrual status, andnonewere more than 90 days past due and still accruing interest.

Financial Instruments Carried at Fair Value

We didnothave any assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 or 2022.

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The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	57,397	$	6,469	$	63,866
U.S. government bonds	373		20		–		393
State and municipal bonds	–		2,537		5		2,542
Foreign government bonds	–		278		–		278
RMBS	–		1,589		13		1,602
CMBS	–		1,336		8		1,344
ABS	–		10,559		1,484		12,043
Hybrid and redeemable preferred securities	46		138		48		232
Trading securities	–		2,037		284		2,321
Equity securities	1		263		42		306
Mortgage loans on real estate	–		–		288		288
Derivative investments (1)	–		10,705		622		11,327
Other investments – short-term investments	–		233		–		233
Cash and invested cash	–		3,193		–		3,193
MRB assets	–		–		3,894		3,894
Other assets:
Ceded MRBs	–		–		274		274
Indexed annuity ceded embedded derivatives	–		–		940		940
LPR ceded derivative	–		–		206		206
Separate account assets	402		157,855		–		158,257
Total assets	$	822	$	248,140	$	14,577	$	263,539
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts	$	–	$	–	$	(9,077)	$	(9,077)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		493		–		493
MRB liabilities	–		–		(1,716)		(1,716)
Other liabilities:
Ceded MRBs	–		–		(1,149)		(1,149)
Derivative liabilities (1)	–		(4,792)		(586)		(5,378)
Total liabilities	$	–	$	(4,299)	$	(12,528)	$	(16,827)

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	As of December 31, 2022
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	73,980	$	5,186	$	79,166
U.S. government bonds	332		19		–		351
State and municipal bonds	–		4,850		35		4,885
Foreign government bonds	–		311		–		311
RMBS	–		1,835		1		1,836
CMBS	–		1,667		–		1,667
ABS	–		9,782		1,117		10,899
Hybrid and redeemable preferred securities	40		261		49		350
Trading securities	–		2,865		581		3,446
Equity securities	–		274		153		427
Mortgage loans on real estate	–		–		487		487
Derivative investments (1)	–		5,929		605		6,534
Other investments – short-term investments	–		30		–		30
Cash and invested cash	–		2,499		–		2,499
MRB assets	–		–		2,807		2,807
Other assets:
Ceded MRBs	–		–		540		540
Indexed annuity ceded embedded derivatives	–		–		525		525
LPR ceded derivative	–		–		212		212
Separate account assets	412		143,124		–		143,536
Total assets	$	784	$	247,426	$	12,298	$	260,508
Liabilities
Policyholder account balances – indexed annuity
and IUL contracts embedded derivatives	$	–	$	–	$	(4,783)	$	(4,783)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		681		–		681
MRB liabilities	–		–		(2,078)		(2,078)
Other liabilities:
Ceded MRBs	–		–		(246)		(246)
Derivative liabilities (1)	–		(2,666)		(603)		(3,269)
Total liabilities	$	–	$	(1,985)	$	(7,710)	$	(9,695)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not

on a master netting basis by counterparty.

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The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 10.

	For the Year Ended December 31, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other(1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	5,186	$	(17)	$	28	$	1,284	$	(12)	$	6,469
State and municipal bonds	35		(4)		4		(30)		–		5
RMBS	1		–		–		5		7		13
CMBS	–		–		–		(4)		12		8
ABS	1,117		–		9		733		(375)		1,484
Hybrid and redeemable preferred
securities	49		–		(2)		(2)		3		48
Trading securities	581		17		–		(313)		(1)		284
Equity securities	153		(19)		–		(98)		6		42
Mortgage loans on real estate	487		(7)		5		(197)		–		288
Derivative investments	2		(13)		–		16		31		36
Other assets:
Ceded MRBs (3)	540		(266)		–		–		–		274
Indexed annuity ceded embedded
derivatives (4)	525		6		–		409		–		940
LPR ceded derivative (5)	212		(6)		–		–		–		206
Policyholder account balances –
RILA, fixed annuity and IUL
contracts (4)	(4,783)		(3,193)		–		(1,101)		–		(9,077)
Other liabilities – ceded MRBs (3)	(246)		(903)		–		–		–		(1,149)
Total, net	$	3,859	$	(4,405)	$	44	$	702	$	(329)	$	(129)

82

	For the Year Ended December 31, 2022
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other(1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	8,801	$	1	$	(1,542)	$	592	$	(2,666)	$	5,186
State and municipal bonds	–		–		(1)		–		36		35
Foreign government bonds	41		–		(6)		(30)		(5)		–
RMBS	3		–		1		21		(24)		1
CMBS	–		–		–		17		(17)		–
ABS	870		–		(113)		676		(316)		1,117
Hybrid and redeemable preferred
securities	90		(4)		(21)		(12)		(4)		49
Trading securities	828		(80)		–		(152)		(15)		581
Equity securities	91		52		–		25		(15)		153
Mortgage loans on real estate	739		(20)		(5)		(227)		–		487
Derivative investments	21		2		(6)		–		(15)		2
Other assets:
Ceded MRBs (3)	4,114		(3,574)		–		–		–		540
Indexed annuity ceded embedded
derivatives (4)	528		(215)		–		212		–		525
LPR ceded derivative (5)	318		(106)		–		–		–		212
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives (4)	(6,131)		1,975		–		(627)		–		(4,783)
Other liabilities – ceded MRBs (3)	(17)		(229)		–		–		–		(246)
Total, net	$	10,296	$	(2,198)	$	(1,693)	$	495	$	(3,041)	$	3,859

83

	For the Year Ended December 31, 2021
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other(1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	7,761	$	3	$	(182)	$	1,189	$	30	$	8,801
U.S. government bonds	5		–		–		(5)		–		–
Foreign government bonds	74		–		(11)		80		(102)		41
RMBS	2		–		–		2		(1)		3
CMBS	1		(1)		–		8		(8)		–
ABS	570		1		(9)		602		(294)		870
Hybrid and redeemable preferred
securities	103		–		25		(38)		–		90
Trading securities	643		(3)		–		210		(22)		828
Equity securities	57		38		–		(4)		–		91
Mortgage loans on real estate	832		11		5		(109)		–		739
Derivative investments	1,542		1,255		(3)		(139)		(2,634)		21
Other assets:
Ceded MRBs (3)	6,539		(2,425)		–		–		–		4,114
Indexed annuity ceded embedded
derivatives (4)	550		87		–		(109)		–		528
LPR ceded derivative (5)	–		–		–		–		318		318
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives (4)	(3,594)		(2,709)		–		172		–		(6,131)
Other liabilities – ceded MRBs (3)	–		(17)		–		–		–		(17)
Total, net	$	15,085	$	(3,760)	$	(175)	$	1,859	$	(2,713)	$	10,296

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 6).

(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(5) Gains (losses) from the changes in fair value are included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

84

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

	For the Year Ended December 31, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	2,035	$	(334)	$	(34)	$	(372)	$	(11)	$	1,284
State and municipal bonds	–		(30)		–		–		–		(30)
RMBS	5		–		–		–		–		5
CMBS	–		–		–		(4)		–		(4)
ABS	971		(2)		–		(230)		(6)		733
Hybrid and redeemable preferred
securities	–		–		–		–		(2)		(2)
Trading securities	–		(231)		–		(82)		–		(313)
Equity securities	1		(99)		–		–		–		(98)
Mortgage loans on real estate	5		–		–		(202)		–		(197)
Derivative investments	19		–		(3)		–		–		16
Other assets – indexed annuity ceded
embedded derivatives	404		–		–		5		–		409
Policyholder account balances –
RILA, fixed annuity and IUL
contracts	(1,113)		–		–		12		–		(1,101)
Total, net	$	2,327	$	(696)	$	(37)	$	(873)	$	(19)	$	702

	For the Year Ended December 31, 2022
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,335	$	(398)	$	(81)	$	(231)	$	(33)	$	592
Foreign government bonds	–		–		(30)		–		–		(30)
RMBS	21		–		–		–		–		21
CMBS	17		–		–		–		–		17
ABS	918		–		–		(235)		(7)		676
Hybrid and redeemable preferred
securities	–		–		–		–		(12)		(12)
Trading securities	287		(229)		–		(210)		–		(152)
Equity securities	34		(9)		–		–		–		25
Mortgage loans on real estate	15		–		–		(242)		–		(227)
Other assets – indexed annuity ceded
embedded derivatives	124		–		–		88		–		212
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives	(710)		–		–		83		–		(627)
Total, net	$	2,041	$	(636)	$	(111)	$	(747)	$	(52)	$	495

85

	For the Year Ended December 31, 2021
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,861	$	(110)	$	(109)	$	(423)	$	(30)	$	1,189
U.S. government bonds	–		–		(5)		–		–		(5)
Foreign government bonds	80		–		–		–		–		80
RMBS	2		–		–		–		–		2
CMBS	8		–		–		–		–		8
ABS	835		–		–		(233)		–		602
Hybrid and redeemable preferred
securities	12		(20)		–		–		(30)		(38)
Trading securities	383		(25)		–		(148)		–		210
Equity securities	6		(10)		–		–		–		(4)
Mortgage loans on real estate	96		(101)		(26)		(78)		–		(109)
Derivative investments	174		(124)		(189)		–		–		(139)
Other assets – indexed annuity ceded
embedded derivatives	55		–		–		(164)		–		(109)
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives	(400)		–		–		572		–		172
Total, net	3,112		(390)		(329)		(474)		(60)		1,859

The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Years Ended December 31,
	2023		2022		2021
Trading securities (1)	$	8	$	(81)	$	4
Equity securities (1)	(16)		54		40
Mortgage loans on real estate (1)	(8)		(20)		12
Derivative investments (1)	1		2		1,051
MRBs (2)	1,071		(359)		1,530
Other assets – LPR ceded derivative (3)	(6)		(106)		–
Embedded derivatives - indexed annuity
and IUL contracts (1)	(20)		(95)		44
Total, net	$	1,030	$	(605)	$	2,681

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

86

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Years Ended December 31,
	2023		2022		2021
Fixed maturity AFS securities:
Corporate bonds	$	7	$	(1,553)	$	(183)
State and municipal bonds	3		(1)		–
Foreign government bonds	–		(7)		(10)
ABS	3		(115)		(9)
Hybrid and redeemable preferred
securities	(1)		(21)		26
Mortgage loans on real estate	4		(5)		4
Total, net	$	16	$	(1,702)	$	(172)

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

	For the Year Ended December 31, 2023
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	194	$	(206)	$	(12)
RMBS	12		(5)		7
CMBS	12		–		12
ABS	2		(377)		(375)
Hybrid and redeemable preferred securities	16		(13)		3
Trading securities	6		(7)		(1)
Equity securities	6		–		6
Derivative investments	31		–		31
Total, net	$	279	$	(608)	$	(329)

	For the Year Ended December 31, 2022
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	296	$	(2,962)	$	(2,666)
State and municipal bonds	36		–		36
Foreign government bonds	–		(5)		(5)
RMBS	–		(24)		(24)
CMBS	–		(17)		(17)
ABS	16		(332)		(316)
Hybrid and redeemable preferred securities	–		(4)		(4)
Trading securities	4		(19)		(15)
Equity securities	–		(15)		(15)
Derivative investments	–		(15)		(15)
Total, net	$	352	$	(3,393)	$	(3,041)

87

	For the Year Ended December 31, 2021
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	164	$	(134)	$	30
Foreign government bonds	–		(102)		(102)
RMBS	–		(1)		(1)
CMBS	–		(8)		(8)
ABS	36		(330)		(294)
Trading securities	12		(34)		(22)
Derivative investments	24		(2,658)		(2,634)
Other assets – LPR ceded derivative	318		–		318
Total, net	$	554	$	(3,267)	$	(2,713)

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the years ended December 31, 2023, 2022 and 2021, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available. In 2022,transfers out of Level 3 included corporate bonds and ABS for which we changed valuation techniques. This change in valuation technique was primarily from a change to a third-party-provided pricing model that did not use significant unobservable inputs. In 2021, transfers out of Level 3 included derivative instruments for which we changed valuation techniques. This change in valuation technique was primarily from unobservable inputs in counterparty models to a mathematical model provided by a third party. These updated valuation techniques are considered industry standard and provide us with greater visibility into the economic valuation inputs.

88

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	183	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	3.7	%	2.1	%
State and municipal
bonds	5		Discounted cash flow	Liquidity/duration adjustment (2)	0.9	%	–	2.2	%	2.1	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.3	%	–	2.3	%	2.3	%
ABS	12		Discounted cash flow	Liquidity/duration adjustment (2)	1.8	%	–	1.8	%	1.8	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.5	%	1.5	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	3,894
Other assets – ceded MRBs	274		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%
Other assets – indexed
annuity ceded embedded
derivatives	940		Discounted cash flow	Lapse (3)	0 %		–	9	%	(10)
				Mortality (7)				(9)		(10)
Other assets – LPR ceded
derivative	206		Discounted cash flow	Lapse (3)	0.1	%	–	2.00	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.58	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(9,013)	Discounted cash flow	Lapse (3)	0 %		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,716)
Other liabilities – ceded
MRBs	(1,149)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

89

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2022:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	201	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	4.2	%	2.1	%
State and municipal
bonds	35		Discounted cash flow	Liquidity/duration adjustment (2)	1.2	%	–	2.4	%	2.3	%
ABS	15		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.4	%	1.4	%
Hybrid and redeemable
preferred securities	3		Discounted cash flow	Liquidity/duration adjustment (2)	1.5	%	–	1.5	%	1.5	%
Equity securities	4		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	2,807
Other assets – ceded MRBs	540		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.35	%	–	2.41	%	1.73	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	28	%	14.47	%
Other assets – indexed
annuity ceded embedded
derivatives	525		Discounted cash flow	Lapse (3)	0 %		–	9	%	(10)
				Mortality (7)				(9)		(10)
Other assets – LPR ceded
derivative	212		Discounted cash flow	Lapse (3)	0 %		–	1.55	%	(10)
				Non-performance risk (6)	0.35	%	–	2.41	%	1.75	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(4,845)	Discounted cash flow	Lapse (3)	0 %		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(2,078)
Other liabilities – ceded
MRBs	(246)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.35	%	–	2.41	%	1.73	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	28	%	14.47	%

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future

benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the

impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

90

(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market

observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according

to age or some other factor such as gender, will die.

(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity

and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was

weighted by the relative account balance assigned to each index.

(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.

Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:

• Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.

•Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement.

•LPR ceded derivative – Assuming our LPR ceded derivative is in an asset position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in an increase in the fair value measurement.

•MRBs – Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with GDB riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.

For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.

As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary. For more information, see Note 1.

•Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.

•Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement.

91

16. Retirement and Deferred Compensation Plans

Defined Benefit Pension and Other Postretirement Benefit Plans

We maintain defined benefit pension plans in which certain agents are participants. These defined benefit pension plans are closed to new entrants and existing participants do not accrue any additional benefits. We comply with applicable minimum funding requirements. In accordance with such practice, we were not required to make contributions for the years ended December 31, 2023 and 2022. We do not expect to be required to make any contributions to these pension plans in 2024. We sponsor other postretirement benefit plans that provide health care and life insurance to certain retired agents. Total net periodic cost (recovery) for these plans was $2 million, $(2) million and $1 million during 2023, 2022 and 2021, respectively, which was reported within commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). In 2024, we expect the plans to make benefit payments of approximately $9 million.

Information (in millions) with respect to these plans was as follows:

	As of or For the Years Ended December 31,
	2023		2022		2023		2022
					Other Postretirement
	Pension Plans				Benefit Plans
Fair value of plan assets	$	71	$	77	$	10	$	9
Projected benefit obligation	77		82		6		6
Funded status	$	(6)	$	(5)	$	4	$	3
Amounts Recognized on the
Consolidated Balance Sheets
Other assets	$	–	$	–	$	4	$	3
Other liabilities	(6)		(5)		–		–
Net amount recognized	$	(6)	$	(5)	$	4	$	3
Weighted-Average Assumptions
Benefit obligations:
Weighted-average discount rate	5.44%		5.66%		5.45%		5.70%
Net periodic benefit cost:
Weighted-average discount rate	5.62%		3.07%		5.70%		3.73%
Expected return on plan assets	6.00%		5.00%		6.50%		6.50%

The weighted average discount rate was determined based on a corporate yield curve as of December 31, 2023, and projected benefit obligation cash flows. The expected return on plan assets was determined based on historical and expected future returns of the various asset categories, using the plans’ target plan allocation. We reevaluate these assumptions each plan year.

The following summarizes our fair value measurements of our benefit plans’ assets (in millions) on a recurring basis by asset category:

	As of December 31,
	2023		2022
Fixed maturity securities:
Corporate bonds	$	23	$	33
U.S. government bonds	22		17
CMBS	2		2
Common stock	21		22
Cash and invested cash	3		3
Other investments	10		9
Total	$	81	$	86

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Participation in Defined Benefit Pension and Other Postretirement Benefit Plans

We participate in defined benefit pension plans that are sponsored by LNC for certain employees and non-employee directors. These defined benefit pension plans are closed to new entrants, and existing participants do not accrue any additional benefits. We also participate in other postretirement benefit plans sponsored by LNC that provide health care and life insurance to certain retired employees. Our expense (benefit) for these plans was $1 million, $(35) million and $(28) million for the years ended December 31, 2023, 2022 and 2021, respectively.

Defined Contribution Plans

We sponsor tax-qualified defined contribution plans for eligible agents that are administered in accordance with the plan documents and various limitations under section 401(a) of the Internal Revenue Code of 1986. We also participate in defined contribution plans sponsored by LNC for eligible employees. Our expense for these plans was $114 million, $99 million and $104 million, for the years ended December 31, 2023, 2022 and 2021, respectively.

Deferred Compensation Plans

We sponsor non-qualified, unfunded, deferred compensation plans for certain current and former agents. Certain current employees participate in non-qualified, unfunded, deferred compensation plans sponsored by LNC. The results of certain notional investment options within some of the plans are hedged by total return swaps. Our expenses increase or decrease in direct proportion to the change in market value of the participants’ investment options. Participants of certain plans are able to select LNC stock as a notional investment option; however, it is not hedged by the total return swaps and is a primary source of expense volatility related to these plans. Our expense for these plans was $22 million, $12 million and $18 million for the years ended December 31, 2023, 2022 and 2021, respectively. For further discussion of total return swaps related to our deferred compensation plans, see Note 6.

Information (in millions) with respect to these plans was as follows:

	As of December 31,
	2023		2022
Total liabilities (1)	$	695	$	623
Investments dedicated to fund liabilities (2)	233		206

(1) Reported in other liabilities on the Consolidated Balance Sheets.

(2) Reported in other assets on the Consolidated Balance Sheets.  

17. Stock-Based Incentive Compensation Plans

Our employees and agents are included in LNC’s various stock-based incentive compensation plans that provide for the issuance of stock options, performance shares and restricted stock units (“RSUs”), among other types of awards. LNC issues new shares to satisfy option exercises and vested performance shares and RSUs.

Total compensation expense (in millions) by award type for stock-based incentive compensation plans was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Stock options	$	7	$	6	$	8
Performance shares	12		9		17
RSUs	40		33		33
Total	$	59	$	48	$	58
Recognized tax benefit	$	9	$	11	$	12

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18. Contingencies and Commitments

Contingencies

Reinsurance Disputes

Certain reinsurers have sought rate increases on certain yearly renewable term agreements. We are disputing the requested rate increases under these agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have initiated, and may in the future initiate, legal proceedings against us. While this may impact the Life Insurance segment, we believe it is unlikely the outcome of these disputes would have a material impact on the consolidated financial statements.

Regulatory and Litigation Matters

Regulatory bodies, such as state insurance departments, the SEC, the Financial Industry Regulatory Authority and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, laws governing the activities of broker-dealers, registered investment advisers and unclaimed property laws.

LNL and its affiliates are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNL in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of December 31, 2023.

For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of December 31, 2023, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $190 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters.

For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

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Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.

Cost of Insurance and Other Litigation

Cost of Insurance Litigation

Gloverv. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on LNL on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed plaintiff’s complaint in its entirety. In response, plaintiff filed a motion for leave to amend the complaint, which, on September 25, 2023, the court granted in part and denied in part. Plaintiff filed an amended complaint on October 10, 2023. On March 7, 2024, the parties entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in the Glover case, which also includes all policies in the lawsuits captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, both of which are described below, and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski).

EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:17-cv-02592, is a civil action filed on February 1, 2017. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

In re: Lincoln National COI Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:16-cv-06605-GJP, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 20, 2017. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2016. Plaintiffs sought to represent classes of policyowners and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. On March 24, 2023, plaintiffs filed a motion for preliminary approval of the class settlement, which was granted by the court on June 14, 2023. The provisional settlement, which was subject to both preliminary and final approval of the court, consisted of $117.75 million in pre-tax cash (in the aggregate for both this litigation and the In re: Lincoln National 2017 COI Rate Litigation matter discussed immediately below) and a five-year cost of insurance rate freeze, among other terms. After certain policyholders timely opted out or otherwise excluded themselves from the settlement class with respect to certain policies, the pre-tax cash settlement fund was reduced to $109.96 million. The court granted final approval of the settlement on October 5, 2023. On December 27, 2023, the court ordered that supplemental notice of the class settlement be mailed to a small percentage of settlement class members who had not been sent the initial class notice. Those policyholders own policies representing less than 0.14% of the total of all Policy Claim Amounts (as defined in the parties’ settlement agreement) and have until 45 days after the completion of supplemental notice to object to or opt out of the settlement. Certain of the policyholders who did not participate in the settlement are plaintiffs in Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company and Ryan K. Crayne, on behalf of and as a trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company discussed further below. The remaining policyholders who are not participants in the settlement may bring individual actions in the future to the extent they have not already done so.

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In re: Lincoln National 2017 COI Rate Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:17-cv-04150, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 28, 2018. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2017. Plaintiffs sought to represent classes of policyholders and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. On March 24, 2023, plaintiffs filed a motion for preliminary approval of the class settlement, which was granted by the court on June 14, 2023. The provisional settlement, which was subject to both preliminary and final approval of the court, consists of $117.75 million in pre-tax cash (in the aggregate for both this litigation and the In re: Lincoln National COI Litigation matter discussed immediately above) and a five-year cost of insurance rate freeze, among other terms. After certain policyholders timely opted out or otherwise excluded themselves from the settlement class with respect to certain policies, the pre-tax cash settlement fund was reduced to $109.96 million. The court granted final approval of the settlement on October 5, 2023. On December 27, 2023, the court ordered that supplemental notice of the class settlement be mailed to a small percentage of settlement class members who had not been sent the initial class notice. Those policyholders own policies representing less than 0.14% of the total of all Policy Claim Amounts (as defined in the parties’ settlement agreement) and have until 45 days after the completion of supplemental notice to object to or opt out of the settlement. Certain of the policyholders who did not participate in the settlement are plaintiffs in Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company and Ryan K. Crayne, on behalf of and as a trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company discussed further below. The remaining policyholders who are not participants in the settlement may bring individual actions in the future to the extent they have not already done so.

TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuit captioned Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (discussed below), and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski). A motion has been filed to stay the proceedings in this matter (as well as the Iwanski matter) pending the completion of the settlement approval process in Glover.

LSH Co. and Wells Fargo Bank, National Association, as securities intermediary for LSH Co. v. Lincoln National Corporation and The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-05529, is a civil action filed on December 21, 2018. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts when LNL increased non-guaranteed cost of insurance rates in 2016 and 2017. We are vigorously defending this matter.

Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that LLANY charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff’s motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuit captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company (discussed above), and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski). On March 8, 2024, we wrote to the court requesting a pre-motion conference in advance of LLANY’s planned motion to stay proceedings in this matter pending the completion of the settlement approval process in Glover.

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Angus v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter.

Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:23-cv-02251, is a civil action filed on April 20, 2023. On June 12, 2023, the U.S. District Court for the Northern District of Indiana granted a motion filed by LNL to transfer the case to the U.S. District Court for the Eastern District of Pennsylvania. Plaintiffs purport to own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL breached the terms of policyholders’ contracts and converted property when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:24-cv-00053-GJP, is a civil action filed on November 17, 2023. On January 4, 2024, upon the parties’ stipulation, the U.S. District Court for the Northern District of Indiana transferred the case to the U.S. District Court for the Eastern District of Pennsylvania. Plaintiff purports to own claims regarding universal life policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiff alleges that LNL breached the terms of policyholders’ contracts and converted property when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

Other Litigation

Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:20-cv-06805, is a putative class action that was filed on August 24, 2020. Plaintiff Andrew Nitkewicz, as trustee of the Joan C. Lupe Trust, seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and for which planned annual, semi-annual, or quarterly premiums were paid for any period beyond the end of the policy month of the insured’s death. Plaintiff alleges LLANY failed to refund unearned premium in violation of New York Insurance Law Section 3203(a)(2) in connection with the payment of death benefit claims for certain insurance policies. Plaintiff seeks compensatory damages and pre-judgment interest on behalf of the various classes and sub-class. On July 2, 2021, the court granted, with prejudice, LLANY’s November 2020 motion to dismiss this matter. Plaintiff filed a notice of appeal on July 28, 2021, and on September 26, 2022, the U.S. Court of Appeals for the Second Circuit reserved its decision and certified a question to the New York Court of Appeals. On October 20, 2022, the New York Court of Appeals accepted the question. On October 19, 2023, the New York Court of Appeals answered the question in LLANY’s favor and transmitted the decision to the U.S. Court of Appeals for the Second Circuit. Plaintiff sought, and was granted, supplemental briefing before the U.S. Court of Appeals for the Second Circuit with respect to certain aspects of the New York Court of Appeals’ decision. The supplemental briefing was completed January 23, 2024. We are vigorously defending this matter.

Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al, filed in the District Court of the 14th Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023.Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale (“Plaintiffs”) allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, “Lincoln”), FMR, LLC, and Fidelity Product Services, LLC (“Fidelity”) created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from “a missed investment return of approximately 5-6%” and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney’s fees, and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14th Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.

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Commitments

Leases

As of December 31, 2023 and 2022, we had operating lease ROU assets of $80 million and $110 million, respectively, and associated lease liabilities of $89 million and $119 million, respectively. The weighted-average discount rate was 3.7% and 2.8%, respectively, and the weighted-average remaining lease term was four years and five years, respectively, as of December 31, 2023 and 2022. Operating lease expense for the years ended December 31, 2023, 2022 and 2021, was $41 million, $45 million and $41 million, respectively, and reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss).

As of December 31, 2023 and 2022, we had finance lease assets of $5 million and $14 million, respectively, and associated finance lease liabilities of $27 million and $106 million, respectively. The accumulated amortization associated with the finance lease assets was $467 million and $458 million as of December 31, 2023 and 2022, respectively. These assets will continue to be amortized on a straight-line basis over the assets’ remaining lives. The weighted-average discount rate was 6.4% and 2.9%, respectively, and the weighted-average remaining lease term was two years and one year, respectively, as of December 31, 2023 and 2022.

Finance lease expense (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Amortization of finance lease assets (1)	$	9	$	23	$	38
Interest on finance lease liabilities (2)	5		4		3
Total	$	14	$	27	$	41

(1) Amortization of finance lease assets is reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss).

(2) Interest on finance lease liabilities is reported in interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss).

The table below presents cash flow information (in millions) related to leases:

	For the Years Ended December 31,
	2023		2022		2021
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41	$	47	$	40
Financing cash flows from finance leases	83		74		62
Supplemental Non-Cash Information
ROU assets obtained in exchange for new lease obligations:
Operating leases	$	–	$	6	$	8

Our future minimum lease payments (in millions) under non-cancellable leases as of December 31, 2023, were as follows:

	Operating Leases		Finance Leases
2024	$	34	$	18
2025	26		7
2026	22		4
2027	15		–
2028	8		–
Thereafter	7		–
Total future minimum lease payments	112		29
Less: Amount representing interest	23		2
Present value of minimum lease payments	$	89	$	27

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As of December 31, 2023, we had no leases that had not yet commenced.

Certain Financing Arrangements

We periodically enter into sale-leaseback arrangements that do not meet the criteria of a sale for accounting purposes. As such, we account for these transactions as financing arrangements. As of December 31, 2023 and 2022, we had $595 million and $558 million, respectively, of financing obligations reported within other liabilities on the Consolidated Balance Sheets. Future payments due on certain financing arrangements (in millions) as of December 31, 2023, were as follows:

2024	$	152
2025	172
2026	224
2027	127
2028	10
Thereafter	6
Total future minimum lease payments	691
Less: Amount representing interest	96
Present value of minimum lease payments	$	595

Vulnerability from Concentrations

As of December 31, 2023, we did not have a concentration of: business transactions with a particular customer or lender; sources of supply of labor or services used in the business; or a market or geographic area in which business is conducted that makes us vulnerable to an event that is at least reasonably possible to occur in the near term and which could cause a severe impact to our financial condition. For information on our investment and reinsurance concentrations, see Notes 4 and 8, respectively.

Other Contingency Matters

State guaranty funds assess insurance companies to cover losses to contract holders of insolvent or rehabilitated companies. Mandatory assessments may be partially recovered through a reduction in future premium taxes in some states. We have accrued for expected assessments and the related reductions in future state premium taxes, which net to assessments (recoveries) of $(1) million and $(3) million as of December 31, 2023 and 2022, respectively.

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19. Shares and Stockholder’s Equity

All authorized and issued shares of LNL are owned by LNC.

AOCI

The following summarizes the components and changes in AOCI (in millions):

	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments
Balance as of beginning-of-year	$	(8,526)	$	9,153	$	8,993
Cumulative effect from adoption of new accounting standards	–		–		3,584
Unrealized holding gains (losses) arising during the year	2,122		(24,475)		(4,478)
Change in foreign currency exchange rate adjustment	178		(321)		(143)
Change in future contract benefits and policyholder account balances, net of reinsurance	638		2,292		893
Income tax benefit (expense)	(650)		4,815		797
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(3,425)		(13)		624
Income tax benefit (expense)	719		3		(131)
Balance as of end-of-year	$	(3,532)	$	(8,526)	$	9,153
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	301	$	258	$	42
Cumulative effect from adoption of new accounting standard	–		–		25
Unrealized holding gains (losses) arising during the year	162		(154)		141
Change in foreign currency exchange rate adjustment	(169)		312		152
Income tax benefit (expense)	2		(34)		(63)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	60		103		49
Income tax benefit (expense)	(13)		(22)		(10)
Balance as of end-of-year	$	249	$	301	$	258
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,739	$	1,951	$	–
Cumulative effect from adoption of new accounting standard	–		–		2,874
Adjustment arising during the year	(854)		(267)		(1,174)
Income tax benefit (expense)	184		55		251
Balance as of end-of-year	$	1,069	$	1,739	$	1,951
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	790	$	(1,101)	$	–
Cumulative effect from adoption of new accounting standard	–		–		(1,661)
Adjustment arising during the year	(187)		2,406		711
Income tax benefit (expense)	42		(515)		(151)
Balance as of end-of-year	$	645	$	790	$	(1,101)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(17)	$	(11)	$	(14)
Adjustment arising during the year	1		(6)		4
Income tax benefit (expense)	–		–		(1)
Balance as of end-of-year	$	(16)	$	(17)	$	(11)

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The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss):

	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(4,014)	$	(13)	$	624	Realized gain (loss)
Associated change in future contract benefits	589		–		–		Benefits
Reclassification before income
tax benefit (expense)	(3,425)		(13)		624		Income (loss) before taxes
Income tax benefit (expense)	719		3		(131)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(2,706)	$	(10)	$	493	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts	$	(1)	$	2	$	3	Net investment income
Foreign currency contracts	54		62		48		Net investment income
Foreign currency contracts	7		39		(2)		Realized gain (loss)
Reclassifications before income
tax benefit (expense)	60		103		49		Income (loss) before taxes
Income tax benefit (expense)	(13)		(22)		(10)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	47	$	81	$	39	Net income (loss)

20. Segment Information

We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our chief operating decision makers view and manage the business. The following is a brief description of these segments and Other Operations.

The Annuities segment provides tax-deferred investment growth and lifetime income opportunities for its clients by offering variable annuities (including RILA) and fixed annuities (including indexed).

The Life Insurance segment focuses on the creation and protection of wealth through life insurance products, including term insurance, both single (including UL, corporate-owned UL and VUL and bank-owned UL and VUL products) and survivorship versions of IUL and VUL products, linked-benefit products (which are UL and VUL with riders providing for long-term care costs), and critical illness and long-term care riders, which can be attached to IUL or VUL policies.

The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, critical illness and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans.

The Retirement Plan Services segment provides employer-sponsored defined benefit and individual retirement accounts, as well as individual and group variable annuities, group fixed annuities and mutual-fund based programs in the retirement plan marketplace.

Other Operations includes investments related to our excess capital; benefit plan obligations; the results of certain disability income business; our run-off institutional pension business, the majority of which was sold on a group annuity basis; debt costs; Spark program expense; and other corporate investments.

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Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

•Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”);

•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

•Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

•GLB rider fees ceded to LNBAR;

•Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;

•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

•Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;

•Gains (losses) on modification or early extinguishment of debt;

•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and

•Income (loss) from discontinued operations.

Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

•Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts and the associated index options we hold to hedge them (collectively, “revenue adjustments from annuity and life insurance product features”);

•Credit loss-related adjustments;

•Investment gains (losses);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

•GLB rider fees ceded to LNBAR;

•Revenue adjustments from the initial adoption of new accounting standards; and

•Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

We use our prevailing corporate federal income tax rate of 21%, where applicable, net of the impacts related to dividends received deduction and foreign tax credits and any other permanent differences for events recognized differently in our financial statements and federal income tax returns.

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The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

	For the Years Ended December 31,
	2023		2022		2021
Revenues
Operating revenues:
Annuities (1)	$	2,625	$	4,102	$	4,258
Life Insurance	6,362		6,344		6,938
Group Protection	5,560		5,303		4,994
Retirement Plan Services	1,290		1,257		1,306
Other Operations (1)	(778)		133		158
Revenue adjustments from annuity and life insurance product features	99		872		818
Credit loss-related adjustments	(74)		(129)		109
Investment gains (losses)	(4,080)		19		654
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	(22)		588		165
GLB rider fees ceded to LNBAR	(923)		(932)		(888)
Total revenues (1)	$	10,059	$	17,557	$	18,512

	For the Years Ended December 31,
	2023		2022		2021
Net Income (Loss)
Income (loss) from operations:
Annuities	$	840	$	948	$	1,089
Life Insurance	(126)		(1,933)		497
Group Protection	297		40		(165)
Retirement Plan Services	155		198		235
Other Operations	(356)		(374)		(244)
Net annuity product features, after-tax	1,295		416		1,866
Net life insurance product features, after-tax	148		21		(1)
Credit loss-related adjustments, after-tax	(58)		(102)		86
Investment gains (losses), after-tax	(3,210)		15		516
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax	(18)		465		130
GLB rider fees ceded to LNBAR, after-tax	(728)		(735)		(701)
Impairment of intangibles	–		(634)		–
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (2)	(27)		–		(11)
Net income (loss)	$	(1,788)	$	(1,675)	$	3,297

(1)    Includes ceded insurance premiums primarily related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023. For more information, see Note 8.

(2)    Includes costs pertaining to the Fortitude Re reinsurance transaction and the planned sale of LNC’s wealth management business. For more information, see Note 1 and Note 8, respectively.

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Other segment information (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Net Investment Income
Annuities	$	1,744	$	1,387	$	1,314
Life Insurance	2,515		2,464		3,054
Group Protection	336		333		364
Retirement Plan Services	999		966		982
Other Operations	118		124		125
Total net investment income	$	5,712	$	5,274	$	5,839

	For the Years Ended December 31,
	2023		2022		2021
Federal Income Tax Expense (Benefit)
Annuities	$	79	$	128	$	189
Life Insurance	(62)		(544)		112
Group Protection	79		11		(44)
Retirement Plan Services	25		32		48
Other Operations	(102)		(84)		(70)
Net annuity product features	344		112		496
Net life insurance product features	39		5		–
Credit loss-related adjustments	(16)		(27)		20
Investment gains (losses)	(853)		4		140
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	(5)		123		35
GLB rider fees ceded to LNBAR	(194)		(197)		(186)
Transaction and integration costs related to mergers,
acquisitions and divestitures	(7)		–		(3)
Total federal income tax expense (benefit)	(673)		(437)		737

	As of December 31,
	2023		2022
Assets
Annuities	$	186,716	$	165,643
Life Insurance	107,529		97,373
Group Protection	9,741		9,830
Retirement Plan Services	46,969		42,275
Other Operations	23,021		20,461
Total assets	$	373,976	$	335,582

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21. Realized Gain (Loss)

Details underlying realized gain (loss) (in millions) reported on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

	For the Years Ended December 31,
	2023		2022		2021
Fixed maturity AFS securities: (1)
Gross gains	$	627	$	37	$	660
Gross losses	(428)		(50)		(36)
Credit loss benefit (expense) (2)	(21)		(14)		(11)
Intent to sell impairments	(4,213)		–		–
Realized gain (loss) on equity securities (3)	(6)		12		41
Credit loss benefit (expense) on mortgage loans on real estate	(16)		(3)		111
Credit loss benefit (expense) on reinsurance-related assets (4)	(35)		(112)		7
Realized gain (loss) on the mark-to-market on certain instruments (5)(6)	(509)		683		169
Indexed product derivative results (7)	(232)		74		22
GLB rider fees ceded to LNBAR and attributed fees	(112)		(168)		(91)
Other realized gain (loss)	11		(41)		(13)
Total realized gain (loss)	$	(4,934)	$	418	$	859

(1) Includes impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the Fortitude Re reinsurance transaction.Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreements in the second quarter of 2023 and recognized additional impairment on certain of these securities during the third quarter of 2023 due to higher interest rates. Interest rates declined during the fourth quarter of 2023, which resulted in recognition of a $295 million pre-tax net gain upon close of the transaction, included in gross gains and gross losses. See Notes 4 and 8 for additional information.

(2) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

(3) Includes mark-to-market adjustments on equity securities still held of $8 million, $7 million and $44 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(4) Includes the release of reinsurance recoverables and the corresponding allowance for credit losses related to a third-party reinsurer, Scottish Re, where liquidation proceedings commenced during the third quarter of 2023.As of September 30, 2023, reinsurance coverage terminated and all business ceded to Scottish Re was therefore recaptured.

(5) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities. Also includes an $87 million pre-tax loss related to interest rate futures used to hedge the assets used as consideration in the Fortitude Re reinsurance transaction. See Note 8 for additional information.

(6) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $(11) million, $(24) million and $3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(7) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

105

22. Commissions and Other Expenses

Details underlying commissions and other expenses (in millions) were as follows:

	For the Years Ended December 31,
	2023		2022		2021
Commissions	$	2,082	$	2,201	$	2,227
General and administrative expenses	2,427		2,200		2,187
DAC and VOBA deferrals, net of amortization	(171)		(346)		(321)
Broker-dealer expenses	444		419		441
Taxes, licenses and fees	333		344		358
Expenses associated with reserve financing and LOCs	58		60		57
Specifically identifiable intangible asset amortization	37		37		37
Other amortization	5		12		11
Transaction and integration costs related to mergers, acquisitions and divestitures	34		–		14
Total	$	5,249	$	4,927	$	5,011

23. Federal Income Taxes

The federal income tax expense (benefit) on continuing operations (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Current	$	(255)	$	(24)	$	20
Deferred	(418)		(413)		717
Federal income tax expense (benefit)	$	(673)	$	(437)	$	737

A reconciliation of the effective tax rate differences (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022		2021
Income (loss) before taxes	$	(2,461)	$	(2,112)	$	4,034
Federal statutory rate	21%		21%		21%
Federal income tax expense (benefit) at federal statutory rate	(517)		(444)		847
Effect of:
Tax-preferred investment income (1)	(126)		(90)		(88)
Tax credits	(40)		(42)		(26)
Excess tax expense (benefit) from stock-based compensation	3		(1)		–
Goodwill impairment	–		133		–
Other items	7		7		4
Federal income tax expense (benefit)	$	(673)	$	(437)	$	737
Effective tax rate	27%		21%		18%

(1) Relates primarily to separate account dividends eligible for the dividends-received deduction.

The federal income tax asset (liability) (in millions) was as follows:

	As of December 31,
	2023		2022
Current	$	546	$	353
Deferred	49		734
Total federal income tax asset (liability)	$	595	$	1,087

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Significant components of our deferred tax assets and liabilities (in millions) were as follows:

	As of December 31,
	2023		2022
Deferred Tax Assets
Insurance liabilities and reinsurance-related balances	$	322	$	231
Compensation and benefit plans	175		152
Intangibles	18		21
Net unrealized loss on fixed maturity AFS securities	1,246		2,161
Net unrealized loss on trading securities	33		70
Investment activity	91		296
Tax credits	103		–
Net operating losses	87		278
Capital losses	93		–
Deferred gain on reinsurance	400		30
Total deferred tax assets	$	2,568	$	3,239
Deferred Tax Liabilities
DAC and VOBA	$	1,906	$	1,769
Reinsurance-related embedded derivative assets	104		143
MRB-related activity	286		228
Other	223		365
Total deferred tax liabilities	$	2,519	$	2,505
Net deferred tax asset (liability)	$	49	$	734

As of December 31, 2023, we have $103 million of federal income tax credits that can be carried forward to 2030 through 2033. As of December 31, 2023, we have $414 million of net operating losses to carry forward to future years. As of December 31, 2023, we have $442 million of capital losses to carry forward to future years. The net operating losses arose in tax years 2018 and 2021 and, under the Tax Cuts and Jobs Act changes, have an unlimited carryforward period. The capital losses arose in tax year 2023 and can be carried back three years and forward five years. As a result, management believes that it is more likely than not that the deferred tax asset associated with the loss carryforwards will be realized. Inclusive of the tax attribute for the net operating losses, although realization is not assured, management believes that it is more likely than not that we will realize the benefits of all our deferred tax assets, and, accordingly, no valuation allowance has been recorded.

We are subject to examination by U.S. federal, state, local and non-U.S. income authorities. With few exceptions for limited scope review, we are no longer subject to U.S. federal examinations for years before 2019. In the first quarter of 2021, the Internal Revenue Service commenced an examination of our 2014, 2015, 2016 and 2017 refund claims. We are currently under examination by several state and local taxing jurisdictions; however, we do not expect these examinations will materially impact us.

A reconciliation of the gross unrecognized federal tax benefits (in millions) was as follows:

	For the Years Ended December 31,
	2023		2022
Balance as of beginning-of-year	$	59	$	64
Decreases for prior year tax positions	(6)		(6)
Increases for prior year tax positions	23		1
Balance as of end-of-year	$	76	$	59

As of December 31, 2023 and 2022, $66 million and $43 million, respectively, of our gross unrecognized federal tax benefits presented above, if recognized, would have affected our federal income tax expense (benefit) and our effective tax rate. We anticipate that it is reasonably possible that unrecognized tax benefits primarily associated with separate account dividends-received deduction, tax credits and compensation, upon completion of our ongoing refund claims review, will decrease by $35 million by the end of 2024.

We recognize interest and penalties accrued, if any, related to unrecognized tax benefits as a component of tax expense. For the years ended December 31, 2023, 2022 and 2021, we recognized no interest and penalty expense (benefit), and there was no accrued interest and penalty expense related to the unrecognized tax benefits as of December 31, 2023 and 2022.

107

In August 2022, the Inflation Reduction Act of 2022 was passed by the U.S. Congress and signed into law by President Biden.The Inflation Reduction Act of 2022 established a new 15% corporate alternative minimum tax for corporations whose average adjusted net income for any consecutive three-year period beginning after December 31, 2022, exceeds $1.0 billion.This provision became effective for tax years beginning after December 31, 2022.We determined that we were not within the scope of the corporate alternative minimum tax for 2023.

24. Statutory Information and Restrictions

We prepare financial statements in accordance with statutory accounting principles (“SAP”) prescribed or permitted by the insurance departments of our respective states of domicile, which may vary materially from GAAP.

Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners

(“NAIC”) as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so

prescribed. The principal differences between statutory financial statements and financial statements prepared in accordance with GAAP

are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, assets and liabilities are

presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are

non-admitted.

We are subject to the applicable laws and regulations of our respective states of domicile. Changes in these laws and regulations could change capital levels or capital requirements for the Company.

Statutory capital and surplus, net gain (loss) from operations, after-tax, net income (loss) and dividends to the LNC holding company amounts (in millions) below consist of all or a combination of the following entities: LNL, LLANY, Lincoln Reinsurance Company of South Carolina, Lincoln Reinsurance Company of Vermont I, Lincoln Reinsurance Company of Vermont III, Lincoln Reinsurance Company of Vermont IV, Lincoln Reinsurance Company of Vermont V, Lincoln Reinsurance Company of Vermont VI and Lincoln Reinsurance Company of Vermont VII.

	As of December 31,
	2023		2022
U.S. capital and surplus	$	8,026	$	8,507

	For the Years Ended December 31,
	2023		2022		2021
U.S. net gain (loss) from operations, after-tax	$	(2,495)	$	1,708	$	(1,285)
U.S. net income (loss)	(2,924)		1,965		(569)
U.S. dividends to LNC holding company	495		645		1,910

State Prescribed and Permitted Practices

The states of domicile for LNL and LLANY, Indiana and New York, respectively, have adopted certain prescribed or permitted accounting practices that differ from those found in NAIC SAP. These prescribed practices are the calculation of reserves on universal life policies based on the Indiana universal life method as prescribed by the state of Indiana for policies issued before January 1, 2006, the use of a more conservative valuation interest rate on certain annuities prescribed by the states of Indiana and New York. Also, the state of New York prescribes use of the continuous Commissioners’ Annuity Reserve Valuation Method in the calculation of reserves and use of minimum reserve methods and assumptions for variable annuity and individual life insurance contracts that may be more conservative than those required by NAIC SAP. The statutory permitted practices allow accounting for certain derivative assets at amortized cost and allow determining certain indexed annuity and indexed universal life statutory reserve calculations with the assumption that the market value of the related liability call option(s) associated with the current index term is zero. At the conclusion of the index term, credited interest is reflected in the reserve as realized, based on actual index performance. The statutory accounting practices also allow accounting for certain group fixed annuity assets at general account balances.

108

The Vermont reinsurance subsidiaries also have certain accounting practices permitted by the state of Vermont that differ from those found in NAIC SAP. One permitted practice involves accounting for the lesser of the face amount of all amounts outstanding under an LOC and the value of the Valuation of Life Insurance Policies Model Regulation (“XXX”) additional statutory reserves as an admitted asset and a form of surplus as of December 31, 2023 and 2022. Another permitted practice involves the acquisition of an LLC note in exchange for a variable value surplus note that is recognized as an admitted asset and a form of surplus as of December 31, 2023 and 2022. Lastly, the state of Vermont has permitted a practice to account for certain excess of loss reinsurance agreements with unaffiliated reinsurers as an asset and form of surplus as of December 31, 2023 and 2022. These permitted practices are related to structures that continue to be allowed in accordance with the grandfathered structures under the provisions of Actuarial Guideline 48 (“AG48”) or are compliant under AG48 requirements.

The favorable (unfavorable) effects on statutory surplus compared to NAIC statutory surplus from the use of these prescribed and permitted practices (in millions) were as follows:

	As of December 31,
	2023		2022
State Prescribed Practices
Calculation of reserves using the Indiana universal life method	$	(1)	$	3
Conservative valuation rate on certain annuities	(1)		(36)
Calculation of reserves using continuous CARVM	(1)		(1)
Conservative Reg 213 reserves on variable annuity and individual life contracts	(31)		(37)
State Permitted Practice
Derivative instruments and equity indexed reserves	(170)		14
Assets in group fixed annuity contracts held at general account balances	332		436
Vermont Subsidiaries Permitted Practices
Lesser of LOC and XXX additional reserve as surplus	1,776		1,838
LLC notes and variable value surplus notes	1,444		1,547
Excess of loss reinsurance agreements	563		549

The NAIC has adopted RBC requirements for life insurance companies to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks. The requirements provide a means of measuring the minimum amount of statutory surplus appropriate for an insurance company to support its overall business operations based on its size and risk profile. Under RBC requirements, regulatory compliance is determined by the ratio of a company’s total adjusted capital, as defined by the NAIC, to its company action level of RBC (known as the “RBC ratio”), also as defined by the NAIC. The company action level may be triggered if the RBC ratio is between 75% and 100%, which would require the insurer to submit a plan to the regulator detailing corrective action it proposes to undertake. As of December 31, 2023, the Company’s RBC ratio was approximately four times the aforementioned company action level RBC.

We are subject to certain insurance department regulatory restrictions as to the transfer of funds and payment of dividends to the holding company. Under Indiana laws and regulations, LNL may pay dividends to LNC without prior approval of the Indiana Insurance Commissioner (the “Commissioner”), only from unassigned surplus and must receive prior approval of the Commissioner to pay a dividend if such dividend, along with all other dividends paid within the preceding 12 consecutive months, would exceed the statutory limitation. The current statutory limitation is the greater of 10% of the insurer’s contract holders’ surplus, as shown on its last annual statement on file with the Commissioner or the insurer’s statutory net gain from operations for the previous 12 months, but in no event to exceed statutory unassigned surplus. Indiana law gives the Commissioner broad discretion to disapprove requests for dividends in excess of these limits. LNL’s subsidiary, LLANY, a New York-domiciled insurance company, is bound by similar restrictions under the laws of New York. Under New York law, the applicable statutory limitation on dividends is equal to the lesser of 10% of surplus to contract holders as of the immediately preceding calendar year or net gain from operations for the immediately preceding calendar year, not including realized capital gains. We expect that we could pay dividends to LNC of approximately $780 million in 2024 without prior approval from the Commissioner of Insurance.

All payments of principal and interest on surplus notes must be approved by the respective Commissioner of Insurance.

109

25. Supplemental Disclosures of Cash Flow Data

The following summarizes our supplemental cash flow data (in millions):

	For the Years Ended December 31,
	2023		2022		2021
Net cash paid (received) for:
Interest	$	187	$	126	$	115
Income taxes	(110)		(61)		29
Non-cash transactions:
Net increase (decrease) in fixed maturity AFS securities, other
investments and accrued investment income in connection with
reinsurance transactions	(20,264)		54		(3,700)
Establishment of funds withheld liability in connection with
a reinsurance transaction	(49)		–		–

26. Transactions with Affiliates

The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Balance Sheets:

	As of December 31,
	2023		2022
Assets with affiliates:
Inter-company notes	$	1,063	$	1,216	Fixed maturity AFS securities
Assumed reinsurance contracts	1		–		Policy Loans
					Deferred acquisition costs, value of business
Assumed/ceded reinsurance contracts	(131)		(138)		acquired and deferred sales inducements
Accrued inter-company interest receivable	16		13		Accrued investment income
					Reinsurance recoverables, net of allowance
Ceded reinsurance contracts	15,563		2,187		for credit losses
Ceded reinsurance contracts	642		899		Other assets
Cash management agreement	857		124		Other assets
Service agreement receivable	41		6		Other assets
Liabilities with affiliates:
Assumed reinsurance contracts	18		17		Future contract benefits
Assumed reinsurance contracts	352		361		Policyholder account balances
Inter-company short-term debt	840		562		Short-term debt
Inter-company long-term debt	2,195		2,269		Long-term debt
Ceded reinsurance contracts	5,862		2,517		Funds withheld reinsurance liabilities
Ceded reinsurance contracts	897		(31)		Other liabilities
Accrued inter-company interest payable	18		15		Other liabilities
Service agreement payable	37		41		Other liabilities
Assumed/ceded reinsurance contracts	4,387		158		Other liabilities
Equity with affiliates:
Accumulated other comprehensive income –	774		55		Accumulated other comprehensive
assumed/ceded					income (loss)

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The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):

	For the Years Ended December 31,
	2023		2022		2021
Revenues with affiliates:
Premiums received on assumed (paid on ceded)
reinsurance contracts	$	(498)	$	(421)	$	(468)	Insurance premiums
Fees for management of general account	(156)		(140)		(138)		Net investment income
Net investment income on ceded funds
withheld treaties	(238)		(161)		(113)		Net investment income
Net investment income on inter-company notes	65		40		29		Net investment income
Realized gains (losses) on ceded reinsurance
contracts:
Other gains (losses)	(9)		631		94		Realized gain (loss)
Reinsurance-related settlements	1,717		(1,068)		1,626		Realized gain (loss)
Amortization of deferred gain (loss) on reinsurance							Amortization of deferred gain
contracts	17		3		3		(loss) on business sold
							through reinsurance
Other revenues	(171)		–		–		Other revenues
Benefits and expenses with affiliates:
Reinsurance (recoveries) benefits on ceded
reinsurance	(507)		(247)		(430)		Benefits
Interest credited on assumed reinsurance contracts	12		47		48		Interest credited
Market risk benefit (gain) loss
on ceded reinsurance contracts	1,129		3,543		2,199		Market risk benefit (gain) loss
Policyholder liability remeasurement (gain) loss							Policyholder liability remeasurement
on ceded reinsurance contracts	–		(321)		64		(gain) loss
Ceded reinsurance contracts	(13)		(26)		(7)		Commissions and other expenses
Service agreement payments (receipts)	(17)		(53)		(29)		Commissions and other expenses
Interest expense on inter-company debt	148		120		107		Interest and debt expense

Inter-Company Notes

LNC issues inter-company notes to us for a predetermined face value to be repaid by LNC at a predetermined maturity with a specified interest rate.

Cash Management Agreement

In order to manage our capital more efficiently, we participate in an inter-company cash management program where LNC can lend to or borrow from us to meet short-term borrowing needs. The cash management program is essentially a series of demand loans, which are permitted under applicable insurance laws, among LNC and its affiliates that reduces overall borrowing costs by allowing LNC and its subsidiaries to access internal resources instead of incurring third-party transaction costs. The borrowing and lending limit is currently 3% of our admitted assets as of December 31, 2023.

Service Agreements

In accordance with service agreements with LNC and other subsidiaries of LNC for personnel and facilities usage, general management services and investment management services, we receive services from and provide services to affiliated companies and receive an allocation of corporate overhead. Corporate overhead expenses are allocated based on specific methodologies for each function. The majority of the expenses are allocated based on the following methodologies: headcount, capital, investments by product, account values, weighted policies in force and sales.

Ceded Reinsurance Contracts

As discussed in Note 8, we cede insurance contracts to LNBAR. We cede certain guaranteed benefit risks (including certain GDB and GLB benefits) to LNBAR.

111

Substantially all reinsurance ceded to affiliated companies is with unauthorized companies. To take reserve credit for such reinsurance: the reinsurer holds assets in trust for our potential benefit; we hold assets from the reinsurer, including funds withheld under reinsurance treaties; and/or we are the beneficiary of LOCs that are obtained by the affiliate reinsurer and issued by banks. As of December 31, 2023 and 2022, the LOCs of which we are the beneficiary aggregated to $111 million and $1.5 billion, respectively.

27. Subsequent Event

On March 7, 2024, we entered into a settlement agreement, which is subject to court approval, encompassing the policies at issue in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, which also includes the policies in certain other cost of insurance litigation matters, as discussed in further detail in Note 18, Contingencies and Commitments. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment. We recorded a pre-tax legal expense for the year ended December 31, 2023, of approximately $110 million within commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) in respect of this provisional settlement. As of December 31, 2023, we had accrued the total provisional settlement amount of $147.5 million, pre-tax.

112

Lincoln Life Variable Annuity Account N

N-1

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
AB VPS Discovery Value Portfolio - Class A	$	588,207	$	588,207	$	588,207
AB VPS Discovery Value Portfolio - Class B		214,180,672		214,180,672		214,180,672
AB VPS Large Cap Growth Portfolio - Class B		9,806,708		9,806,708		9,806,708
AB VPS Sustainable Global Thematic Portfolio - Class B		31,491,296		31,491,296		31,491,296
ALPS Global Opportunity Portfolio - Class I		262,534		262,534		262,534
ALPS Global Opportunity Portfolio - Class III		10,386,767		10,386,767		10,386,767
ALPS/Alerian Energy Infrastructure Portfolio - Class I		2,820,856		2,820,856		2,820,856
ALPS/Alerian Energy Infrastructure Portfolio - Class III		21,395,049		21,395,049		21,395,049
American Century VP Balanced Fund - Class I		1,108,604		1,108,604		1,108,604
American Century VP Balanced Fund - Class II		136,107,489		136,107,489		136,107,489
American Century VP Inflation Protection Fund - Class II		15,844		15,844		15,844
American Century VP Large Company Value Fund - Class I		6,628,050		6,628,050		6,628,050
American Century VP Large Company Value Fund - Class II		107,350,285		107,350,285		107,350,285
American Funds Asset Allocation Fund - Class 1		22,838,527		22,838,527		22,838,527
American Funds Asset Allocation Fund - Class 1A		32,034,680		32,034,680		32,034,680
American Funds Asset Allocation Fund - Class 4		266,135,120		266,135,120		266,135,120
American Funds Capital Income Builder®​ - Class 1		991,879		991,879		991,879
American Funds Capital Income Builder®​ - Class 1A		10,014,239		10,014,239		10,014,239
American Funds Capital Income Builder®​ - Class 4		56,908,544		56,908,544		56,908,544
American Funds Capital World Bond Fund - Class 1		2,380,236		2,380,236		2,380,236
American Funds Capital World Bond Fund - Class 1A		1,453,363		1,453,363		1,453,363
American Funds Capital World Growth and Income Fund - Class 1		1,505,968		1,505,968		1,505,968
American Funds Capital World Growth and Income Fund - Class 1A		5,436,095		5,436,095		5,436,095
American Funds Global Balanced Fund - Class 1		354,047		354,047		354,047
American Funds Global Balanced Fund - Class 1A		2,265,384		2,265,384		2,265,384
American Funds Global Growth Fund - Class 1		1,414,503		1,414,503		1,414,503
American Funds Global Growth Fund - Class 1A		15,842,254		15,842,254		15,842,254
American Funds Global Growth Fund - Class 2		238,820,729		238,820,729		238,820,729
American Funds Global Growth Fund - Class 4		115,580,738		115,580,738		115,580,738
American Funds Global Small Capitalization Fund - Class 1		1,245,387		1,245,387		1,245,387
American Funds Global Small Capitalization Fund - Class 1A		4,703,616		4,703,616		4,703,616
American Funds Global Small Capitalization Fund - Class 2		274,818,026		274,818,026		274,818,026
American Funds Global Small Capitalization Fund - Class 4		33,888,021		33,888,021		33,888,021
American Funds Growth Fund - Class 1		6,878,384		6,878,384		6,878,384
American Funds Growth Fund - Class 1A		54,060,215		54,060,215		54,060,215
American Funds Growth Fund - Class 2		1,345,359,592		1,345,359,592		1,345,359,592
American Funds Growth Fund - Class 4		487,372,200		487,372,200		487,372,200
American Funds Growth-Income Fund - Class 1		2,787,644		2,787,644		2,787,644
American Funds Growth-Income Fund - Class 1A		35,398,741		35,398,741		35,398,741
American Funds Growth-Income Fund - Class 2		1,530,252,886		1,530,252,886		1,530,252,886
American Funds Growth-Income Fund - Class 4		309,781,612		309,781,612		309,781,612
American Funds High-Income Trust - Class 1		1,332,580		1,332,580		1,332,580
American Funds High-Income Trust - Class 1A		2,611,590		2,611,590		2,611,590
American Funds International Fund - Class 1		3,087,119		3,087,119		3,087,119
American Funds International Fund - Class 1A		12,059,146		12,059,146		12,059,146
American Funds International Fund - Class 2		421,500,056		421,500,056		421,500,056
American Funds International Fund - Class 4		61,486,834		61,486,834		61,486,834
American Funds International Growth and Income Fund - Class 1		817,128		817,128		817,128
American Funds International Growth and Income Fund - Class 1A		2,956,065		2,956,065		2,956,065
American Funds Managed Risk Asset Allocation Fund - Class P1		7,277,219		7,277,219		7,277,219
American Funds Managed Risk Asset Allocation Fund - Class P2		123,962,436		123,962,436		123,962,436
American Funds Managed Risk Growth Fund - Class P1		5,687,823		5,687,823		5,687,823
American Funds Managed Risk Growth-Income Fund - Class P1		1,744,777		1,744,777		1,744,777
American Funds Managed Risk International Fund - Class P1		1,817,083		1,817,083		1,817,083
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		2,517,450		2,517,450		2,517,450
American Funds Mortgage Fund - Class 1		433,052		433,052		433,052
American Funds Mortgage Fund - Class 1A		1,876,261		1,876,261		1,876,261
American Funds Mortgage Fund - Class 4		6,841,677		6,841,677		6,841,677
American Funds New World Fund®​ - Class 1		2,894,728		2,894,728		2,894,728
American Funds New World Fund®​ - Class 1A		9,718,229		9,718,229		9,718,229
American Funds New World Fund®​ - Class 4		56,618,057		56,618,057		56,618,057
American Funds The Bond Fund of America - Class 1		6,183,339		6,183,339		6,183,339

See accompanying notes.
N-2

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities (continued)

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
American Funds The Bond Fund of America - Class 1A	$	15,515,410	$	15,515,410	$	15,515,410
American Funds U.S. Government Securities Fund - Class 1		228,957		228,957		228,957
American Funds U.S. Government Securities Fund - Class 1A		4,739,052		4,739,052		4,739,052
American Funds Washington Mutual Investors Fund - Class 1		3,048,691		3,048,691		3,048,691
American Funds Washington Mutual Investors Fund - Class 1A		21,727,445		21,727,445		21,727,445
American Funds Washington Mutual Investors Fund - Class 4		122,949,885		122,949,885		122,949,885
ClearBridge Variable Aggressive Growth Portfolio - Class I		563,009		563,009		563,009
ClearBridge Variable Aggressive Growth Portfolio - Class II		18,504,203		18,504,203		18,504,203
ClearBridge Variable Large Cap Growth Portfolio - Class I		7,233,110		7,233,110		7,233,110
ClearBridge Variable Large Cap Growth Portfolio - Class II		265,745,347		265,745,347		265,745,347
ClearBridge Variable Mid Cap Portfolio - Class I		1,650,385		1,650,385		1,650,385
ClearBridge Variable Mid Cap Portfolio - Class II		59,532,745		59,532,745		59,532,745
Columbia VP Commodity Strategy Fund - Class 1		1,451,831		1,451,831		1,451,831
Columbia VP Commodity Strategy Fund - Class 2		5,996,355		5,996,355		5,996,355
Columbia VP Emerging Markets Bond Fund - Class 1		916,240		916,240		916,240
Columbia VP Emerging Markets Bond Fund - Class 2		2,753,193		2,753,193		2,753,193
Columbia VP Strategic Income Fund - Class 1		2,580,514		2,580,514		2,580,514
Columbia VP Strategic Income Fund - Class 2		16,269,280		16,269,280		16,269,280
Delaware Ivy VIP Asset Strategy Portfolio - Class I		953,182		953,182		953,182
Delaware Ivy VIP Asset Strategy Portfolio - Class II		7,607,596		7,607,596		7,607,596
Delaware Ivy VIP Energy Portfolio - Class I		471,893		471,893		471,893
Delaware Ivy VIP Energy Portfolio - Class II		12,927,543		12,927,543		12,927,543
Delaware Ivy VIP High Income Portfolio - Class I		3,083,696		3,083,696		3,083,696
Delaware Ivy VIP High Income Portfolio - Class II		22,134,531		22,134,531		22,134,531
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		5,454,551		5,454,551		5,454,551
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		32,495,096		32,495,096		32,495,096
Delaware Ivy VIP Science and Technology Portfolio - Class I		2,230,555		2,230,555		2,230,555
Delaware Ivy VIP Science and Technology Portfolio - Class II		48,551,697		48,551,697		48,551,697
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		1,341,749		1,341,749		1,341,749
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		12,773,105		12,773,105		12,773,105
Delaware VIP®​ Emerging Markets Series - Service Class		217,538,369		217,538,369		217,538,369
Delaware VIP®​ Emerging Markets Series - Standard Class		1,385,231		1,385,231		1,385,231
Delaware VIP®​ International Series - Standard Class		57,644		57,644		57,644
Delaware VIP®​ Small Cap Value Series - Service Class		451,460,551		451,460,551		451,460,551
Delaware VIP®​ Small Cap Value Series - Standard Class		7,132,287		7,132,287		7,132,287
DWS Alternative Asset Allocation VIP Portfolio - Class A		2,699,809		2,699,809		2,699,809
DWS Alternative Asset Allocation VIP Portfolio - Class B		37,394,851		37,394,851		37,394,851
DWS Equity 500 Index VIP Portfolio - Class A		6,263,159		6,263,159		6,263,159
DWS Small Cap Index VIP Portfolio - Class A		2,057,208		2,057,208		2,057,208
Eaton Vance VT Floating-Rate Income Fund - ADV Class		4,670,757		4,670,757		4,670,757
Eaton Vance VT Floating-Rate Income Fund - Initial Class		36,192,880		36,192,880		36,192,880
Fidelity®​ VIP Balanced Portfolio - Initial Class		11,413,908		11,413,908		11,413,908
Fidelity®​ VIP Balanced Portfolio - Service Class 2		393,667,797		393,667,797		393,667,797
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2		155,976		155,976		155,976
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2		224,067		224,067		224,067
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		8,384,696		8,384,696		8,384,696
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		1,363,676,490		1,363,676,490		1,363,676,490
Fidelity®​ VIP Financials Portfolio - Initial Class		78,229		78,229		78,229
Fidelity®​ VIP Financials Portfolio - Service Class 2		77,825		77,825		77,825
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		709,266		709,266		709,266
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		25,844,162		25,844,162		25,844,162
Fidelity®​ VIP Growth Portfolio - Initial Class		10,365,745		10,365,745		10,365,745
Fidelity®​ VIP Growth Portfolio - Service Class 2		367,880,930		367,880,930		367,880,930
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		4,139,797		4,139,797		4,139,797
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		581,821,216		581,821,216		581,821,216
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		6,727,003		6,727,003		6,727,003
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		35,539,014		35,539,014		35,539,014
Fidelity®​ VIP Technology Portfolio - Initial Class		571,536		571,536		571,536
Fidelity®​ VIP Technology Portfolio - Service Class 2		4,876,056		4,876,056		4,876,056
First Trust Capital Strength Hedged Equity Portfolio - Class I		1,720,443		1,720,443		1,720,443
First Trust Capital Strength Portfolio - Class I		111,584,154		111,584,154		111,584,154
First Trust Capital Strength Portfolio - Class II		1,203,409		1,203,409		1,203,409

See accompanying notes.
N-3

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities (continued)

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
First Trust Dorsey Wright Tactical Core Portfolio - Class I	$	9,868,906	$	9,868,906	$	9,868,906
First Trust Dorsey Wright Tactical Core Portfolio - Class II		271,247		271,247		271,247
First Trust Growth Strength Portfolio - Class I		6,486,076		6,486,076		6,486,076
First Trust International Developed Capital Strength Portfolio - Class I		9,605,680		9,605,680		9,605,680
First Trust International Developed Capital Strength Portfolio - Class II		364,296		364,296		364,296
First Trust Multi Income Allocation Portfolio - Class I		8,423,418		8,423,418		8,423,418
First Trust Multi Income Allocation Portfolio - Class II		33,226		33,226		33,226
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		182,881,807		182,881,807		182,881,807
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		1,631,529		1,631,529		1,631,529
Franklin Allocation VIP Fund - Class 4		22,355,671		22,355,671		22,355,671
Franklin Income VIP Fund - Class 1		1,061,835		1,061,835		1,061,835
Franklin Income VIP Fund - Class 2		350,550,127		350,550,127		350,550,127
Franklin Income VIP Fund - Class 4		165,950,900		165,950,900		165,950,900
Franklin Multi-Asset Variable Conservative Growth - Class I		95,191		95,191		95,191
Franklin Multi-Asset Variable Conservative Growth - Class II		16,855,550		16,855,550		16,855,550
Franklin Mutual Shares VIP Fund - Class 1		808,979		808,979		808,979
Franklin Mutual Shares VIP Fund - Class 2		470,398,016		470,398,016		470,398,016
Franklin Mutual Shares VIP Fund - Class 4		46,010,219		46,010,219		46,010,219
Franklin Rising Dividends VIP Fund - Class 1		3,325,990		3,325,990		3,325,990
Franklin Rising Dividends VIP Fund - Class 4		60,136,086		60,136,086		60,136,086
Franklin Small Cap Value VIP Fund - Class 1		2,511,310		2,511,310		2,511,310
Franklin Small Cap Value VIP Fund - Class 4		22,504,906		22,504,906		22,504,906
Franklin Small-Mid Cap Growth VIP Fund - Class 1		2,323,623		2,323,623		2,323,623
Franklin Small-Mid Cap Growth VIP Fund - Class 4		15,154,249		15,154,249		15,154,249
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		544,914		544,914		544,914
Goldman Sachs VIT Government Money Market Fund - Service Shares		16,894,075		16,894,075		16,894,075
Goldman Sachs VIT Large Cap Value Fund - Service Shares		113,292,913		113,292,913		113,292,913
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		3,579,702		3,579,702		3,579,702
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		1,642,395		1,642,395		1,642,395
Guggenheim VT Long Short Equity		5,876,391		5,876,391		5,876,391
Guggenheim VT Multi-Hedge Strategies		9,188,611		9,188,611		9,188,611
Hartford Capital Appreciation HLS Fund - Class IA		103,219		103,219		103,219
Hartford Capital Appreciation HLS Fund - Class IC		13,708,113		13,708,113		13,708,113
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		1,187,217		1,187,217		1,187,217
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		15,560,406		15,560,406		15,560,406
Invesco V.I. American Franchise Fund - Series I Shares		2,107,187		2,107,187		2,107,187
Invesco V.I. American Franchise Fund - Series II Shares		654,952		654,952		654,952
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		753,773		753,773		753,773
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		9,837,101		9,837,101		9,837,101
Invesco V.I. Comstock Fund - Series I Shares		2,377,803		2,377,803		2,377,803
Invesco V.I. Comstock Fund - Series II Shares		28,809,042		28,809,042		28,809,042
Invesco V.I. Core Equity Fund - Series I Shares		4,937,648		4,937,648		4,937,648
Invesco V.I. Core Equity Fund - Series II Shares		1,044,863		1,044,863		1,044,863
Invesco V.I. Diversified Dividend Fund - Series I Shares		973,813		973,813		973,813
Invesco V.I. Diversified Dividend Fund - Series II Shares		22,320,400		22,320,400		22,320,400
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares		6,223,754		6,223,754		6,223,754
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		293,299,332		293,299,332		293,299,332
Invesco V.I. Equity and Income Fund - Series I Shares		912,250		912,250		912,250
Invesco V.I. Equity and Income Fund - Series II Shares		17,716,836		17,716,836		17,716,836
Invesco V.I. EQV International Equity Fund - Series I Shares		2,268,440		2,268,440		2,268,440
Invesco V.I. EQV International Equity Fund - Series II Shares		79,236,649		79,236,649		79,236,649
Invesco V.I. Global Fund - Series II Shares		6,444,926		6,444,926		6,444,926
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		3,225,510		3,225,510		3,225,510
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		28,426,946		28,426,946		28,426,946
Janus Henderson Balanced Portfolio - Service Shares		11,427,197		11,427,197		11,427,197
Janus Henderson Enterprise Portfolio - Service Shares		5,120,310		5,120,310		5,120,310
Janus Henderson Global Research Portfolio - Service Shares		501,264		501,264		501,264
Lincoln Hedged Nasdaq-100 Fund - Service Class		784,648		784,648		784,648
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		932,025		932,025		932,025
Lincoln Hedged S&P 500 Conservative Fund - Service Class		2,407,056		2,407,056		2,407,056
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		2,817,765		2,817,765		2,817,765
Lincoln Hedged S&P 500 Fund - Service Class		1,990,365		1,990,365		1,990,365

See accompanying notes.
N-4

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities (continued)

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
Lincoln Hedged S&P 500 Fund 2 - Service Class	$	2,114,806	$	2,114,806	$	2,114,806
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		1,176,449		1,176,449		1,176,449
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		164,949		164,949		164,949
Lincoln Opportunistic Hedged Equity Fund - Service Class		256,717		256,717		256,717
Lincoln S&P 500 Buffer Fund Feb - Service Class		2,272,123		2,272,123		2,272,123
Lincoln S&P 500 Buffer Fund May - Service Class		3,145,910		3,145,910		3,145,910
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		2,045,998		2,045,998		2,045,998
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		3,934,954		3,934,954		3,934,954
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		41,923,199		41,923,199		41,923,199
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		20,165,497		20,165,497		20,165,497
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		10,389,483		10,389,483		10,389,483
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		48,153,162		48,153,162		48,153,162
LVIP American Balanced Allocation Fund - Service Class		87,669,960		87,669,960		87,669,960
LVIP American Balanced Allocation Fund - Standard Class		15,247,086		15,247,086		15,247,086
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		474,191,340		474,191,340		474,191,340
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		30,242,075		30,242,075		30,242,075
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		423,583		423,583		423,583
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		68,870,221		68,870,221		68,870,221
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		431,478		431,478		431,478
LVIP American Global Growth Fund - Service Class II		319,973,427		319,973,427		319,973,427
LVIP American Global Small Capitalization Fund - Service Class II		56,857,895		56,857,895		56,857,895
LVIP American Growth Allocation Fund - Service Class		58,581,389		58,581,389		58,581,389
LVIP American Growth Allocation Fund - Standard Class		8,652,574		8,652,574		8,652,574
LVIP American Growth Fund - Service Class II		1,668,923,503		1,668,923,503		1,668,923,503
LVIP American Growth-Income Fund - Service Class II		1,283,393,295		1,283,393,295		1,283,393,295
LVIP American Income Allocation Fund - Standard Class		91,712		91,712		91,712
LVIP American International Fund - Service Class II		276,896,271		276,896,271		276,896,271
LVIP American Preservation Fund - Service Class		14,882,552		14,882,552		14,882,552
LVIP American Preservation Fund - Standard Class		248,620		248,620		248,620
LVIP Baron Growth Opportunities Fund - Service Class		311,099,401		311,099,401		311,099,401
LVIP Baron Growth Opportunities Fund - Standard Class		2,077,958		2,077,958		2,077,958
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		1,358,929,661		1,358,929,661		1,358,929,661
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class		331,365		331,365		331,365
LVIP BlackRock Global Allocation Fund - Service Class		824,735,062		824,735,062		824,735,062
LVIP BlackRock Global Allocation Fund - Standard Class		7,921,170		7,921,170		7,921,170
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		624,399,724		624,399,724		624,399,724
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		61,572		61,572		61,572
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class		365,013,135		365,013,135		365,013,135
LVIP BlackRock Inflation Protected Bond Fund - Service Class		764,938,267		764,938,267		764,938,267
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		10,645,760		10,645,760		10,645,760
LVIP BlackRock Real Estate Fund - Service Class		72,876,161		72,876,161		72,876,161
LVIP BlackRock Real Estate Fund - Standard Class		2,358,390		2,358,390		2,358,390
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		528,771,830		528,771,830		528,771,830
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		1,255,836,680		1,255,836,680		1,255,836,680
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		2,081,833		2,081,833		2,081,833
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		721,748,081		721,748,081		721,748,081
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		129,794		129,794		129,794
LVIP Channing Small Cap Value Fund - Service Class		6,179,335		6,179,335		6,179,335
LVIP Channing Small Cap Value Fund - Standard Class		624,473		624,473		624,473
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		450,655,021		450,655,021		450,655,021
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		75,708		75,708		75,708
LVIP Delaware Bond Fund - Service Class		3,791,316,692		3,791,316,692		3,791,316,692
LVIP Delaware Bond Fund - Standard Class		48,443,545		48,443,545		48,443,545
LVIP Delaware Diversified Floating Rate Fund - Service Class		652,351,799		652,351,799		652,351,799
LVIP Delaware Diversified Floating Rate Fund - Standard Class		5,017,699		5,017,699		5,017,699
LVIP Delaware Diversified Income Fund - Service Class		1,769,055,058		1,769,055,058		1,769,055,058
LVIP Delaware Diversified Income Fund - Standard Class		18,563,830		18,563,830		18,563,830
LVIP Delaware High Yield Fund - Service Class		77,051,779		77,051,779		77,051,779
LVIP Delaware High Yield Fund - Standard Class		2,278,412		2,278,412		2,278,412
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		913,334,220		913,334,220		913,334,220
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		3,535,915		3,535,915		3,535,915
LVIP Delaware Mid Cap Value Fund - Service Class		146,975,174		146,975,174		146,975,174

See accompanying notes.
N-5

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities (continued)

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
LVIP Delaware Mid Cap Value Fund - Standard Class	$	1,333,866	$	1,333,866	$	1,333,866
LVIP Delaware SMID Cap Core Fund - Service Class		157,820,039		157,820,039		157,820,039
LVIP Delaware SMID Cap Core Fund - Standard Class		5,344,029		5,344,029		5,344,029
LVIP Delaware Social Awareness Fund - Service Class		74,477,947		74,477,947		74,477,947
LVIP Delaware Social Awareness Fund - Standard Class		7,112,017		7,112,017		7,112,017
LVIP Delaware U.S. Growth Fund - Service Class		311,520,063		311,520,063		311,520,063
LVIP Delaware U.S. Growth Fund - Standard Class		500,235		500,235		500,235
LVIP Delaware U.S. REIT Fund - Service Class		109,266,502		109,266,502		109,266,502
LVIP Delaware U.S. REIT Fund - Standard Class		4,259,112		4,259,112		4,259,112
LVIP Delaware Value Fund - Service Class		249,472,634		249,472,634		249,472,634
LVIP Delaware Value Fund - Standard Class		4,520,756		4,520,756		4,520,756
LVIP Delaware Wealth Builder Fund - Service Class		15,822,391		15,822,391		15,822,391
LVIP Delaware Wealth Builder Fund - Standard Class		2,482,056		2,482,056		2,482,056
LVIP Dimensional International Core Equity Fund - Service Class		158,867,687		158,867,687		158,867,687
LVIP Dimensional International Core Equity Fund - Standard Class		19,428,186		19,428,186		19,428,186
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		511,045,511		511,045,511		511,045,511
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		2,371,091		2,371,091		2,371,091
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		269,002,589		269,002,589		269,002,589
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		26,243,562		26,243,562		26,243,562
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		179,673,779		179,673,779		179,673,779
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		21,307,083		21,307,083		21,307,083
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class		873,827,170		873,827,170		873,827,170
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		6,144,800		6,144,800		6,144,800
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		451,285,229		451,285,229		451,285,229
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		75,847		75,847		75,847
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		818,775,419		818,775,419		818,775,419
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class		12,134		12,134		12,134
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		116,294,629		116,294,629		116,294,629
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		4,067,282		4,067,282		4,067,282
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		116,309,335		116,309,335		116,309,335
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		1,924,490		1,924,490		1,924,490
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		298,155,270		298,155,270		298,155,270
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		5,891,884		5,891,884		5,891,884
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		174,367,780		174,367,780		174,367,780
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		7,911,639		7,911,639		7,911,639
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		249,152,066		249,152,066		249,152,066
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class		2,557,503		2,557,503		2,557,503
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		663,532,175		663,532,175		663,532,175
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		2,159,259		2,159,259		2,159,259
LVIP Global Growth Allocation Managed Risk Fund - Service Class		5,286,247,466		5,286,247,466		5,286,247,466
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		10,413,515		10,413,515		10,413,515
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		4,282,683,667		4,282,683,667		4,282,683,667
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		3,638,499		3,638,499		3,638,499
LVIP Government Money Market Fund - Service Class		703,473,876		703,473,876		703,473,876
LVIP Government Money Market Fund - Standard Class		46,939,499		46,939,499		46,939,499
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		400,834,090		400,834,090		400,834,090
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		85,840		85,840		85,840
LVIP JPMorgan Core Bond Fund - Service Class		286,276,763		286,276,763		286,276,763
LVIP JPMorgan Core Bond Fund - Standard Class		9,845,813		9,845,813		9,845,813
LVIP JPMorgan High Yield Fund - Service Class		187,519,575		187,519,575		187,519,575
LVIP JPMorgan High Yield Fund - Standard Class		5,351,898		5,351,898		5,351,898
LVIP JPMorgan Mid Cap Value Fund - Service Class		4,244,704		4,244,704		4,244,704
LVIP JPMorgan Mid Cap Value Fund - Standard Class		473,875		473,875		473,875
LVIP JPMorgan Retirement Income Fund - Service Class		19,821,369		19,821,369		19,821,369
LVIP JPMorgan Retirement Income Fund - Standard Class		1,211,703		1,211,703		1,211,703
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		496,658,132		496,658,132		496,658,132
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		163,570		163,570		163,570
LVIP JPMorgan Small Cap Core Fund - Service Class		7,148,385		7,148,385		7,148,385

See accompanying notes.
N-6

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities (continued)

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
LVIP JPMorgan Small Cap Core Fund - Standard Class	$	1,604,977	$	1,604,977	$	1,604,977
LVIP JPMorgan U.S. Equity Fund - Service Class		20,152,949		20,152,949		20,152,949
LVIP JPMorgan U.S. Equity Fund - Standard Class		369,520		369,520		369,520
LVIP Loomis Sayles Global Growth Fund - Service Class		4,038,727		4,038,727		4,038,727
LVIP Loomis Sayles Global Growth Fund - Standard Class		404,940		404,940		404,940
LVIP MFS International Equity Managed Volatility Fund - Service Class		559,666,959		559,666,959		559,666,959
LVIP MFS International Growth Fund - Service Class		273,881,543		273,881,543		273,881,543
LVIP MFS International Growth Fund - Standard Class		2,550,345		2,550,345		2,550,345
LVIP MFS Value Fund - Service Class		1,046,953,880		1,046,953,880		1,046,953,880
LVIP MFS Value Fund - Standard Class		6,955,829		6,955,829		6,955,829
LVIP Mondrian Global Income Fund - Service Class		395,154,622		395,154,622		395,154,622
LVIP Mondrian Global Income Fund - Standard Class		1,141,337		1,141,337		1,141,337
LVIP Mondrian International Value Fund - Service Class		229,317,225		229,317,225		229,317,225
LVIP Mondrian International Value Fund - Standard Class		7,532,718		7,532,718		7,532,718
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		86,242,089		86,242,089		86,242,089
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class		36,525		36,525		36,525
LVIP PIMCO Low Duration Bond Fund - Service Class		747,302,647		747,302,647		747,302,647
LVIP PIMCO Low Duration Bond Fund - Standard Class		12,526,400		12,526,400		12,526,400
LVIP SSGA Bond Index Fund - Service Class		779,033,159		779,033,159		779,033,159
LVIP SSGA Bond Index Fund - Standard Class		16,430,440		16,430,440		16,430,440
LVIP SSGA Conservative Index Allocation Fund - Service Class		74,220,954		74,220,954		74,220,954
LVIP SSGA Conservative Index Allocation Fund - Standard Class		4,779,086		4,779,086		4,779,086
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		14,328,413		14,328,413		14,328,413
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		2,853,444		2,853,444		2,853,444
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		551,489,524		551,489,524		551,489,524
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		2,451,503		2,451,503		2,451,503
LVIP SSGA International Index Fund - Service Class		255,890,279		255,890,279		255,890,279
LVIP SSGA International Index Fund - Standard Class		15,838,662		15,838,662		15,838,662
LVIP SSGA International Managed Volatility Fund - Service Class		263,513,208		263,513,208		263,513,208
LVIP SSGA International Managed Volatility Fund - Standard Class		49,431		49,431		49,431
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		812,886,430		812,886,430		812,886,430
LVIP SSGA Mid-Cap Index Fund - Service Class		172,125,492		172,125,492		172,125,492
LVIP SSGA Mid-Cap Index Fund - Standard Class		16,198,867		16,198,867		16,198,867
LVIP SSGA Moderate Index Allocation Fund - Service Class		247,093,293		247,093,293		247,093,293
LVIP SSGA Moderate Index Allocation Fund - Standard Class		4,516,722		4,516,722		4,516,722
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		223,926,246		223,926,246		223,926,246
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		6,173,416		6,173,416		6,173,416
LVIP SSGA Nasdaq-100 Index Fund - Service Class		26,100,446		26,100,446		26,100,446
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		2,929,595		2,929,595		2,929,595
LVIP SSGA S&P 500 Index Fund - Service Class		1,806,088,970		1,806,088,970		1,806,088,970
LVIP SSGA S&P 500 Index Fund - Standard Class		136,706,343		136,706,343		136,706,343
LVIP SSGA Short-Term Bond Index Fund - Service Class		201,866,109		201,866,109		201,866,109
LVIP SSGA Short-Term Bond Index Fund - Standard Class		11,424,021		11,424,021		11,424,021
LVIP SSGA Small-Cap Index Fund - Service Class		438,860,983		438,860,983		438,860,983
LVIP SSGA Small-Cap Index Fund - Standard Class		18,106,890		18,106,890		18,106,890
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		600,089,817		600,089,817		600,089,817
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		58,179		58,179		58,179
LVIP Structured Conservative Allocation Fund - Service Class		111,245,707		111,245,707		111,245,707
LVIP Structured Conservative Allocation Fund - Standard Class		1,076,559		1,076,559		1,076,559
LVIP Structured Moderate Allocation Fund - Service Class		507,683,994		507,683,994		507,683,994
LVIP Structured Moderate Allocation Fund - Standard Class		1,444,711		1,444,711		1,444,711
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		298,272,339		298,272,339		298,272,339
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		2,761,291		2,761,291		2,761,291
LVIP T. Rowe Price 2020 Fund - Service Class		7,236,986		7,236,986		7,236,986
LVIP T. Rowe Price 2030 Fund - Service Class		4,567,229		4,567,229		4,567,229
LVIP T. Rowe Price 2040 Fund - Service Class		4,766,365		4,766,365		4,766,365
LVIP T. Rowe Price Growth Stock Fund - Service Class		347,005,753		347,005,753		347,005,753
LVIP T. Rowe Price Growth Stock Fund - Standard Class		7,056,701		7,056,701		7,056,701
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		333,118,286		333,118,286		333,118,286
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		3,663,540		3,663,540		3,663,540
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		177,976,964		177,976,964		177,976,964
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		1,189,255		1,189,255		1,189,255

See accompanying notes.
N-7

Lincoln Life Variable Annuity Account N

Statements of assets and liabilities (continued)

December 31, 2023

Subaccount	Investments		Total Assets		Net Assets
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class	$	1,711,071,418	$	1,711,071,418	$	1,711,071,418
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		2,668,611		2,668,611		2,668,611
LVIP Vanguard Bond Allocation Fund - Service Class		883,207,114		883,207,114		883,207,114
LVIP Vanguard Bond Allocation Fund - Standard Class		44,393,752		44,393,752		44,393,752
LVIP Vanguard Domestic Equity ETF Fund - Service Class		432,586,680		432,586,680		432,586,680
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		22,651,667		22,651,667		22,651,667
LVIP Vanguard International Equity ETF Fund - Service Class		278,255,126		278,255,126		278,255,126
LVIP Vanguard International Equity ETF Fund - Standard Class		24,331,463		24,331,463		24,331,463
LVIP Wellington Capital Growth Fund - Service Class		394,002,013		394,002,013		394,002,013
LVIP Wellington Capital Growth Fund - Standard Class		4,895,173		4,895,173		4,895,173
LVIP Wellington SMID Cap Value Fund - Service Class		139,644,867		139,644,867		139,644,867
LVIP Wellington SMID Cap Value Fund - Standard Class		1,457,962		1,457,962		1,457,962
LVIP Western Asset Core Bond Fund - Service Class		429,877,704		429,877,704		429,877,704
LVIP Western Asset Core Bond Fund - Standard Class		15,798,526		15,798,526		15,798,526
MFS®​ VIT Growth Series - Initial Class		4,886,672		4,886,672		4,886,672
MFS®​ VIT Growth Series - Service Class		233,062,846		233,062,846		233,062,846
MFS®​ VIT Total Return Series - Initial Class		5,443,560		5,443,560		5,443,560
MFS®​ VIT Total Return Series - Service Class		130,660,092		130,660,092		130,660,092
MFS®​ VIT Utilities Series - Initial Class		4,880,101		4,880,101		4,880,101
MFS®​ VIT Utilities Series - Service Class		144,378,608		144,378,608		144,378,608
MFS®​ VIT II Core Equity Portfolio - Service Class		1,532,433		1,532,433		1,532,433
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		1,782,085		1,782,085		1,782,085
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		32,722,035		32,722,035		32,722,035
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		1,502,129		1,502,129		1,502,129
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		8,410,698		8,410,698		8,410,698
Morgan Stanley VIF Growth Portfolio - Class II		2,422,425		2,422,425		2,422,425
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		14,608,696		14,608,696		14,608,696
PIMCO VIT All Asset Portfolio - Advisor Class		4,771,872		4,771,872		4,771,872
PIMCO VIT All Asset Portfolio - Institutional Class		707,713		707,713		707,713
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		11,671,432		11,671,432		11,671,432
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		30,850		30,850		30,850
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		2,981,621		2,981,621		2,981,621
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		100,358		100,358		100,358
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		1,565,756		1,565,756		1,565,756
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		31,372		31,372		31,372
Putnam VT George Putnam Balanced Fund - Class IA		1,615,600		1,615,600		1,615,600
Putnam VT George Putnam Balanced Fund - Class IB		95,202,958		95,202,958		95,202,958
Putnam VT Global Health Care Fund - Class IA		1,245,451		1,245,451		1,245,451
Putnam VT Global Health Care Fund - Class IB		22,030,541		22,030,541		22,030,541
Putnam VT Income Fund - Class IA		791,717		791,717		791,717
Putnam VT Income Fund - Class IB		8,921,985		8,921,985		8,921,985
Putnam VT Large Cap Value Fund - Class IA		9,669,941		9,669,941		9,669,941
Putnam VT Large Cap Value Fund - Class IB		176,985,123		176,985,123		176,985,123
Putnam VT Sustainable Future Fund - Class IB		133,595		133,595		133,595
Putnam VT Sustainable Leaders Fund - Class IA		192,688		192,688		192,688
Putnam VT Sustainable Leaders Fund - Class IB		565,408		565,408		565,408
Templeton Foreign VIP Fund - Class 1		238,901		238,901		238,901
Templeton Foreign VIP Fund - Class 4		5,845,314		5,845,314		5,845,314
Templeton Global Bond VIP Fund - Class 1		2,854,973		2,854,973		2,854,973
Templeton Global Bond VIP Fund - Class 2		176,531,404		176,531,404		176,531,404
Templeton Global Bond VIP Fund - Class 4		16,601,199		16,601,199		16,601,199
Templeton Growth VIP Fund - Class 2		15,509,661		15,509,661		15,509,661
TOPS®​ Balanced ETF Portfolio - Service Class Shares		562,474		562,474		562,474
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		10,346,995		10,346,995		10,346,995
VanEck VIP Global Resources Fund - Class S Shares		5,519,070		5,519,070		5,519,070
VanEck VIP Global Resources Fund - Initial Class Shares		874,592		874,592		874,592
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		15,731,217		15,731,217		15,731,217
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		3,008,239		3,008,239		3,008,239

See accompanying notes.
N-8

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Lincoln Life Variable Annuity Account N

Statements of operations

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
AB VPS Discovery Value Portfolio - Class A	$	5,991	$	(2,917	)	$	3,074		$	(10,597	)
AB VPS Discovery Value Portfolio - Class B		1,640,151		(2,915,135	)		(1,274,984	)		(2,771,428	)
AB VPS Large Cap Growth Portfolio - Class B		—		(146,233	)		(146,233	)		213,526
AB VPS Sustainable Global Thematic Portfolio - Class B		8,895		(488,505	)		(479,610	)		(275,707	)
ALPS Global Opportunity Portfolio - Class I		—		(1,052	)		(1,052	)		(4,417	)
ALPS Global Opportunity Portfolio - Class III		—		(115,844	)		(115,844	)		(589,362	)
ALPS/Alerian Energy Infrastructure Portfolio - Class I		96,310		(7,367	)		88,943			27,758
ALPS/Alerian Energy Infrastructure Portfolio - Class III		610,699		(210,780	)		399,919			1,082,018
American Century VP Balanced Fund - Class I		21,886		(5,188	)		16,698			(18,201	)
American Century VP Balanced Fund - Class II		2,136,297		(1,843,915	)		292,382			(1,723,793	)
American Century VP Inflation Protection Fund - Class II		545		(360	)		185			(225	)
American Century VP Large Company Value Fund - Class I		162,604		(34,060	)		128,544			51,922
American Century VP Large Company Value Fund - Class II		2,635,407		(1,580,338	)		1,055,069			311,153
American Funds Asset Allocation Fund - Class 1		530,918		(123,156	)		407,762			9,300
American Funds Asset Allocation Fund - Class 1A		659,897		(143,576	)		516,321			(428,214	)
American Funds Asset Allocation Fund - Class 4		5,177,645		(2,801,509	)		2,376,136			(3,153,744	)
American Funds Capital Income Builder®​ - Class 1		30,172		(4,429	)		25,743			7,062
American Funds Capital Income Builder®​ - Class 1A		278,919		(44,017	)		234,902			24,177
American Funds Capital Income Builder®​ - Class 4		1,553,244		(618,202	)		935,042			551,287
American Funds Capital World Bond Fund - Class 1		—		(19,855	)		(19,855	)		(60,009	)
American Funds Capital World Bond Fund - Class 1A		—		(6,890	)		(6,890	)		(25,030	)
American Funds Capital World Growth and Income Fund - Class 1		30,878		(12,778	)		18,100			(7,713	)
American Funds Capital World Growth and Income Fund - Class 1A		96,226		(25,733	)		70,493			(133,223	)
American Funds Global Balanced Fund - Class 1		6,503		(2,430	)		4,073			38
American Funds Global Balanced Fund - Class 1A		35,639		(12,012	)		23,627			(12,880	)
American Funds Global Growth Fund - Class 1		14,403		(8,689	)		5,714			293
American Funds Global Growth Fund - Class 1A		132,994		(80,638	)		52,356			(257,871	)
American Funds Global Growth Fund - Class 2		2,061,012		(3,629,211	)		(1,568,199	)		4,902,382
American Funds Global Growth Fund - Class 4		758,223		(1,096,984	)		(338,761	)		(1,261,383	)
American Funds Global Small Capitalization Fund - Class 1		5,794		(7,846	)		(2,052	)		(47,027	)
American Funds Global Small Capitalization Fund - Class 1A		10,892		(22,080	)		(11,188	)		(274,130	)
American Funds Global Small Capitalization Fund - Class 2		692,626		(3,318,028	)		(2,625,402	)		(9,606,657	)
American Funds Global Small Capitalization Fund - Class 4		7,806		(293,995	)		(286,189	)		(1,502,176	)
American Funds Growth Fund - Class 1		37,353		(50,105	)		(12,752	)		6,162
American Funds Growth Fund - Class 1A		180,471		(228,063	)		(47,592	)		(1,021,832	)
American Funds Growth Fund - Class 2		4,470,714		(20,872,018	)		(16,401,304	)		33,775,558
American Funds Growth Fund - Class 4		697,069		(4,302,861	)		(3,605,792	)		(4,517,620	)
American Funds Growth-Income Fund - Class 1		42,175		(22,472	)		19,703			51,026
American Funds Growth-Income Fund - Class 1A		438,350		(152,472	)		285,878			(114,488	)
American Funds Growth-Income Fund - Class 2		19,623,370		(21,295,135	)		(1,671,765	)		45,097,283
American Funds Growth-Income Fund - Class 4		3,232,591		(2,747,937	)		484,654			915,078
American Funds High-Income Trust - Class 1		91,131		(10,385	)		80,746			(39,269	)
American Funds High-Income Trust - Class 1A		170,761		(14,780	)		155,981			(12,048	)
American Funds International Fund - Class 1		45,422		(19,105	)		26,317			(23,526	)
American Funds International Fund - Class 1A		150,146		(52,753	)		97,393			(310,400	)
American Funds International Fund - Class 2		5,363,290		(6,005,147	)		(641,857	)		(8,193,310	)
American Funds International Fund - Class 4		636,997		(553,991	)		83,006			(1,484,465	)
American Funds International Growth and Income Fund - Class 1		20,790		(8,491	)		12,299			(34,821	)
American Funds International Growth and Income Fund - Class 1A		71,957		(14,507	)		57,450			(274,318	)
American Funds Managed Risk Asset Allocation Fund - Class P1		145,133		(41,730	)		103,403			(124,440	)
American Funds Managed Risk Asset Allocation Fund - Class P2		2,225,111		(1,771,114	)		453,997			(1,519,902	)
American Funds Managed Risk Growth Fund - Class P1		27,764		(24,989	)		2,775			(185,950	)
American Funds Managed Risk Growth-Income Fund - Class P1		25,973		(8,514	)		17,459			(17,074	)
American Funds Managed Risk International Fund - Class P1		27,043		(10,239	)		16,804			(41,834	)
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		55,130		(14,849	)		40,281			(65,290	)
American Funds Mortgage Fund - Class 1		17,410		(5,905	)		11,505			(29,402	)
American Funds Mortgage Fund - Class 1A		70,437		(8,341	)		62,096			(35,237	)

See accompanying notes.
N-10

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
AB VPS Discovery Value Portfolio - Class A	$	47,185	$	36,588		$	46,437		$	86,099
AB VPS Discovery Value Portfolio - Class B		17,244,287		14,472,859			16,491,839			29,689,714
AB VPS Large Cap Growth Portfolio - Class B		653,995		867,521			1,788,719			2,510,007
AB VPS Sustainable Global Thematic Portfolio - Class B		1,917,969		1,642,262			2,905,029			4,067,681
ALPS Global Opportunity Portfolio - Class I		—		(4,417	)		65,271			59,802
ALPS Global Opportunity Portfolio - Class III		—		(589,362	)		3,148,834			2,443,628
ALPS/Alerian Energy Infrastructure Portfolio - Class I		30,286		58,044			128,614			275,601
ALPS/Alerian Energy Infrastructure Portfolio - Class III		218,756		1,300,774			683,229			2,383,922
American Century VP Balanced Fund - Class I		—		(18,201	)		155,982			154,479
American Century VP Balanced Fund - Class II		—		(1,723,793	)		18,555,091			17,123,680
American Century VP Inflation Protection Fund - Class II		—		(225	)		190			150
American Century VP Large Company Value Fund - Class I		163,223		215,145			(121,657	)		222,032
American Century VP Large Company Value Fund - Class II		3,093,401		3,404,554			(2,228,398	)		2,231,225
American Funds Asset Allocation Fund - Class 1		827,046		836,346			1,598,366			2,842,474
American Funds Asset Allocation Fund - Class 1A		1,031,900		603,686			2,614,212			3,734,219
American Funds Asset Allocation Fund - Class 4		10,118,188		6,964,444			21,738,601			31,079,181
American Funds Capital Income Builder®​ - Class 1		—		7,062			49,762			82,567
American Funds Capital Income Builder®​ - Class 1A		—		24,177			530,870			789,949
American Funds Capital Income Builder®​ - Class 4		—		551,287			2,696,352			4,182,681
American Funds Capital World Bond Fund - Class 1		—		(60,009	)		207,096			127,232
American Funds Capital World Bond Fund - Class 1A		—		(25,030	)		107,999			76,079
American Funds Capital World Growth and Income Fund - Class 1		—		(7,713	)		252,875			263,262
American Funds Capital World Growth and Income Fund - Class 1A		—		(133,223	)		981,595			918,865
American Funds Global Balanced Fund - Class 1		42,316		42,354			(2,478	)		43,949
American Funds Global Balanced Fund - Class 1A		255,375		242,495			1,496			267,618
American Funds Global Growth Fund - Class 1		99,252		99,545			160,908			266,167
American Funds Global Growth Fund - Class 1A		1,072,542		814,671			1,977,228			2,844,255
American Funds Global Growth Fund - Class 2		18,120,137		23,022,519			22,631,035			44,085,355
American Funds Global Growth Fund - Class 4		8,060,867		6,799,484			13,262,198			19,722,921
American Funds Global Small Capitalization Fund - Class 1		14,488		(32,539	)		203,161			168,570
American Funds Global Small Capitalization Fund - Class 1A		53,156		(220,974	)		868,738			636,576
American Funds Global Small Capitalization Fund - Class 2		3,459,101		(6,147,556	)		46,403,922			37,630,964
American Funds Global Small Capitalization Fund - Class 4		362,306		(1,139,870	)		5,311,283			3,885,224
American Funds Growth Fund - Class 1		346,907		353,069			1,709,399			2,049,716
American Funds Growth Fund - Class 1A		2,618,086		1,596,254			13,261,346			14,810,008
American Funds Growth Fund - Class 2		71,727,366		105,502,924			298,007,244			387,108,864
American Funds Growth Fund - Class 4		22,635,112		18,117,492			110,057,109			124,568,809
American Funds Growth-Income Fund - Class 1		142,658		193,684			398,473			611,860
American Funds Growth-Income Fund - Class 1A		1,642,261		1,527,773			5,367,938			7,181,589
American Funds Growth-Income Fund - Class 2		78,022,859		123,120,142			198,053,336			319,501,713
American Funds Growth-Income Fund - Class 4		14,032,025		14,947,103			43,238,209			58,669,966
American Funds High-Income Trust - Class 1		—		(39,269	)		104,887			146,364
American Funds High-Income Trust - Class 1A		—		(12,048	)		107,123			251,056
American Funds International Fund - Class 1		—		(23,526	)		405,459			408,250
American Funds International Fund - Class 1A		—		(310,400	)		1,826,551			1,613,544
American Funds International Fund - Class 2		—		(8,193,310	)		64,880,789			56,045,622
American Funds International Fund - Class 4		—		(1,484,465	)		8,996,814			7,595,355
American Funds International Growth and Income Fund - Class 1		—		(34,821	)		132,633			110,111
American Funds International Growth and Income Fund - Class 1A		—		(274,318	)		583,993			367,125
American Funds Managed Risk Asset Allocation Fund - Class P1		791,978		667,538			(112,398	)		658,543
American Funds Managed Risk Asset Allocation Fund - Class P2		14,260,208		12,740,306			(3,192,322	)		10,001,981
American Funds Managed Risk Growth Fund - Class P1		1,013,578		827,628			199,541			1,029,944
American Funds Managed Risk Growth-Income Fund - Class P1		195,473		178,399			43,427			239,285
American Funds Managed Risk International Fund - Class P1		118,726		76,892			6,836			100,532
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		343,731		278,441			(94,313	)		224,409
American Funds Mortgage Fund - Class 1		—		(29,402	)		25,117			7,220
American Funds Mortgage Fund - Class 1A		—		(35,237	)		34,817			61,676

N-11

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
American Funds Mortgage Fund - Class 4	$	238,808	$	(74,262	)	$	164,546		$	(230,699	)
American Funds New World Fund®​ - Class 1		46,672		(20,493	)		26,179			3,236
American Funds New World Fund®​ - Class 1A		133,745		(40,404	)		93,341			(107,538	)
American Funds New World Fund®​ - Class 4		641,161		(466,840	)		174,321			(336,250	)
American Funds The Bond Fund of America - Class 1		220,383		(48,070	)		172,313			(141,092	)
American Funds The Bond Fund of America - Class 1A		505,235		(77,083	)		428,152			(139,273	)
American Funds U.S. Government Securities Fund - Class 1		9,507		(2,594	)		6,913			(26,737	)
American Funds U.S. Government Securities Fund - Class 1A		167,676		(27,323	)		140,353			(120,365	)
American Funds Washington Mutual Investors Fund - Class 1		60,584		(25,617	)		34,967			(132,404	)
American Funds Washington Mutual Investors Fund - Class 1A		315,929		(89,762	)		226,167			(163,223	)
American Funds Washington Mutual Investors Fund - Class 4		1,882,456		(1,093,666	)		788,790			(676,159	)
ClearBridge Variable Aggressive Growth Portfolio - Class I		1,640		(2,037	)		(397	)		(39,116	)
ClearBridge Variable Aggressive Growth Portfolio - Class II		11,230		(201,740	)		(190,510	)		(1,746,663	)
ClearBridge Variable Large Cap Growth Portfolio - Class I		—		(30,121	)		(30,121	)		(8,259	)
ClearBridge Variable Large Cap Growth Portfolio - Class II		—		(3,268,471	)		(3,268,471	)		1,843,492
ClearBridge Variable Mid Cap Portfolio - Class I		1,984		(7,551	)		(5,567	)		(75,574	)
ClearBridge Variable Mid Cap Portfolio - Class II		12,203		(713,904	)		(701,701	)		(513,769	)
Columbia VP Commodity Strategy Fund - Class 1		518,288		(8,131	)		510,157			(558,142	)
Columbia VP Commodity Strategy Fund - Class 2		1,692,115		(77,508	)		1,614,607			(3,144,726	)
Columbia VP Emerging Markets Bond Fund - Class 1		38,532		(2,589	)		35,943			(15,862	)
Columbia VP Emerging Markets Bond Fund - Class 2		136,292		(25,171	)		111,121			(117,060	)
Columbia VP Strategic Income Fund - Class 1		82,598		(8,419	)		74,179			(92,386	)
Columbia VP Strategic Income Fund - Class 2		502,885		(141,360	)		361,525			(621,502	)
Delaware Ivy VIP Asset Strategy Portfolio - Class I		22,071		(3,071	)		19,000			(1,545	)
Delaware Ivy VIP Asset Strategy Portfolio - Class II		154,969		(82,638	)		72,331			(136,413	)
Delaware Ivy VIP Energy Portfolio - Class I		17,432		(1,925	)		15,507			28,123
Delaware Ivy VIP Energy Portfolio - Class II		424,723		(176,002	)		248,721			2,763,233
Delaware Ivy VIP High Income Portfolio - Class I		148,684		(11,378	)		137,306			(38,672	)
Delaware Ivy VIP High Income Portfolio - Class II		1,284,867		(224,605	)		1,060,262			(781,740	)
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		—		(24,602	)		(24,602	)		(299,478	)
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		—		(281,544	)		(281,544	)		(1,507,851	)
Delaware Ivy VIP Science and Technology Portfolio - Class I		—		(7,459	)		(7,459	)		(135,524	)
Delaware Ivy VIP Science and Technology Portfolio - Class II		—		(476,799	)		(476,799	)		(3,414,274	)
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		—		(5,047	)		(5,047	)		(25,950	)
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		—		(109,561	)		(109,561	)		(762,351	)
Delaware VIP®​ Emerging Markets Series - Service Class		2,747,037		(3,437,312	)		(690,275	)		(1,943,795	)
Delaware VIP®​ Emerging Markets Series - Standard Class		25,213		(6,540	)		18,673			(84,954	)
Delaware VIP®​ International Series - Standard Class		791		(803	)		(12	)		(1,173	)
Delaware VIP®​ Small Cap Value Series - Service Class		2,657,560		(6,564,815	)		(3,907,255	)		2,588,539
Delaware VIP®​ Small Cap Value Series - Standard Class		67,145		(74,912	)		(7,767	)		(26,406	)
DWS Alternative Asset Allocation VIP Portfolio - Class A		178,252		(15,809	)		162,443			(11,589	)
DWS Alternative Asset Allocation VIP Portfolio - Class B		2,547,799		(614,375	)		1,933,424			(597,629	)
DWS Equity 500 Index VIP Portfolio - Class A		81,258		(97,933	)		(16,675	)		187,877
DWS Small Cap Index VIP Portfolio - Class A		23,407		(32,753	)		(9,346	)		(43,883	)
Eaton Vance VT Floating-Rate Income Fund - ADV Class		352,090		(15,669	)		336,421			(25,547	)
Eaton Vance VT Floating-Rate Income Fund - Initial Class		2,886,397		(411,543	)		2,474,854			(716,085	)
Fidelity®​ VIP Balanced Portfolio - Initial Class		181,594		(44,375	)		137,219			(151,052	)
Fidelity®​ VIP Balanced Portfolio - Service Class 2		5,324,999		(4,516,790	)		808,209			(1,134,364	)
Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class		—		(2	)		(2	)		78
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2		49		(147	)		(98	)		152
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2		2,865		(487	)		2,378			(631	)
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		37,257		(29,013	)		8,244			91,148
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		3,246,375		(19,829,152	)		(16,582,777	)		41,448,485
Fidelity®​ VIP Financials Portfolio - Initial Class		—		(19	)		(19	)		554
Fidelity®​ VIP Financials Portfolio - Service Class 2		871		(141	)		730			3,705
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		17,354		(5,143	)		12,211			(18,570	)
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		605,207		(375,185	)		230,022			(464,889	)

See accompanying notes.
N-12

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
American Funds Mortgage Fund - Class 4	$	—	$	(230,699	)	$	218,830		$	152,677
American Funds New World Fund®​ - Class 1		—		3,236			384,103			413,518
American Funds New World Fund®​ - Class 1A		—		(107,538	)		1,271,134			1,256,937
American Funds New World Fund®​ - Class 4		—		(336,250	)		6,925,374			6,763,445
American Funds The Bond Fund of America - Class 1		—		(141,092	)		233,038			264,259
American Funds The Bond Fund of America - Class 1A		—		(139,273	)		338,145			627,024
American Funds U.S. Government Securities Fund - Class 1		—		(26,737	)		21,819			1,995
American Funds U.S. Government Securities Fund - Class 1A		—		(120,365	)		81,358			101,346
American Funds Washington Mutual Investors Fund - Class 1		27,632		(104,772	)		535,173			465,368
American Funds Washington Mutual Investors Fund - Class 1A		180,627		17,404			2,921,589			3,165,160
American Funds Washington Mutual Investors Fund - Class 4		1,008,016		331,857			15,069,566			16,190,213
ClearBridge Variable Aggressive Growth Portfolio - Class I		54,793		15,677			100,662			115,942
ClearBridge Variable Aggressive Growth Portfolio - Class II		1,807,969		61,306			3,737,949			3,608,745
ClearBridge Variable Large Cap Growth Portfolio - Class I		53,258		44,999			1,959,023			1,973,901
ClearBridge Variable Large Cap Growth Portfolio - Class II		2,022,316		3,865,808			73,388,318			73,985,655
ClearBridge Variable Mid Cap Portfolio - Class I		8,705		(66,869	)		252,910			180,474
ClearBridge Variable Mid Cap Portfolio - Class II		351,223		(162,546	)		6,956,138			6,091,891
Columbia VP Commodity Strategy Fund - Class 1		—		(558,142	)		(102,191	)		(150,176	)
Columbia VP Commodity Strategy Fund - Class 2		—		(3,144,726	)		623,182			(906,937	)
Columbia VP Emerging Markets Bond Fund - Class 1		—		(15,862	)		54,331			74,412
Columbia VP Emerging Markets Bond Fund - Class 2		—		(117,060	)		233,302			227,363
Columbia VP Strategic Income Fund - Class 1		—		(92,386	)		229,811			211,604
Columbia VP Strategic Income Fund - Class 2		—		(621,502	)		1,486,913			1,226,936
Delaware Ivy VIP Asset Strategy Portfolio - Class I		—		(1,545	)		97,946			115,401
Delaware Ivy VIP Asset Strategy Portfolio - Class II		—		(136,413	)		908,466			844,384
Delaware Ivy VIP Energy Portfolio - Class I		—		28,123			(16,347	)		27,283
Delaware Ivy VIP Energy Portfolio - Class II		—		2,763,233			(3,658,194	)		(646,240	)
Delaware Ivy VIP High Income Portfolio - Class I		—		(38,672	)		195,838			294,472
Delaware Ivy VIP High Income Portfolio - Class II		—		(781,740	)		1,833,467			2,111,989
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		608,567		309,089			645,708			930,195
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		3,104,654		1,596,803			3,430,634			4,745,893
Delaware Ivy VIP Science and Technology Portfolio - Class I		97,657		(37,867	)		623,894			578,568
Delaware Ivy VIP Science and Technology Portfolio - Class II		2,381,085		(1,033,189	)		15,166,293			13,656,305
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		189,189		163,239			(8,309	)		149,883
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		1,687,404		925,053			436,940			1,252,432
Delaware VIP®​ Emerging Markets Series - Service Class		—		(1,943,795	)		26,753,923			24,119,853
Delaware VIP®​ Emerging Markets Series - Standard Class		—		(84,954	)		238,240			171,959
Delaware VIP®​ International Series - Standard Class		—		(1,173	)		7,770			6,585
Delaware VIP®​ Small Cap Value Series - Service Class		17,812,523		20,401,062			15,927,094			32,420,901
Delaware VIP®​ Small Cap Value Series - Standard Class		296,623		270,217			291,780			554,230
DWS Alternative Asset Allocation VIP Portfolio - Class A		23,784		12,195			(32,589	)		142,049
DWS Alternative Asset Allocation VIP Portfolio - Class B		361,194		(236,435	)		(199,880	)		1,497,109
DWS Equity 500 Index VIP Portfolio - Class A		306,609		494,486			794,652			1,272,463
DWS Small Cap Index VIP Portfolio - Class A		50,177		6,294			284,219			281,167
Eaton Vance VT Floating-Rate Income Fund - ADV Class		—		(25,547	)		132,906			443,780
Eaton Vance VT Floating-Rate Income Fund - Initial Class		—		(716,085	)		1,556,962			3,315,731
Fidelity®​ VIP Balanced Portfolio - Initial Class		320,152		169,100			1,620,491			1,926,810
Fidelity®​ VIP Balanced Portfolio - Service Class 2		10,382,563		9,248,199			46,479,440			56,535,848
Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class		—		78			—			76
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2		—		152			6,647			6,701
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2		2,388		1,757			(2,370	)		1,765
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		258,208		349,356			1,681,637			2,039,237
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		46,373,325		87,821,810			271,616,962			342,855,995
Fidelity®​ VIP Financials Portfolio - Initial Class		—		554			3,908			4,443
Fidelity®​ VIP Financials Portfolio - Service Class 2		—		3,705			3,148			7,583
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		—		(18,570	)		83,763			77,404
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		—		(464,889	)		2,820,196			2,585,329

N-13

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
Fidelity®​ VIP Growth Portfolio - Initial Class	$	12,094	$	(94,857	)	$	(82,763	)	$	24,714
Fidelity®​ VIP Growth Portfolio - Service Class 2		12,679		(4,797,086	)		(4,784,407	)		4,552,441
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		22,619		(17,356	)		5,263			(65,354	)
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		2,131,517		(8,363,630	)		(6,232,113	)		(465,783	)
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		291,352		(27,804	)		263,548			(136,151	)
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		1,468,440		(308,612	)		1,159,828			(493,262	)
Fidelity®​ VIP Technology Portfolio - Initial Class		578		(444	)		134			315
Fidelity®​ VIP Technology Portfolio - Service Class 2		5,571		(12,496	)		(6,925	)		3,244
First Trust Capital Strength Hedged Equity Portfolio - Class I		2,902		(2,580	)		322			1,787
First Trust Capital Strength Portfolio - Class I		933,214		(1,162,707	)		(229,493	)		(17,131	)
First Trust Capital Strength Portfolio - Class II		14,911		(7,172	)		7,739			26,669
First Trust Dorsey Wright Tactical Core Portfolio - Class I		195,186		(105,452	)		89,734			(227,150	)
First Trust Dorsey Wright Tactical Core Portfolio - Class II		5,219		(731	)		4,488			(112,762	)
First Trust Growth Strength Portfolio - Class I		3,869		(19,849	)		(15,980	)		28,580
First Trust International Developed Capital Strength Portfolio - Class I		35,573		(57,078	)		(21,505	)		(29,082	)
First Trust International Developed Capital Strength Portfolio - Class II		1,951		(989	)		962			(5,521	)
First Trust Multi Income Allocation Portfolio - Class I		298,034		(92,951	)		205,083			(17,217	)
First Trust Multi Income Allocation Portfolio - Class II		1,013		(92	)		921			(10	)
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		4,014,642		(2,748,414	)		1,266,228			(2,924,724	)
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		39,374		(6,199	)		33,175			(10,929	)
Franklin Allocation VIP Fund - Class 1		1,042		(101	)		941			140
Franklin Allocation VIP Fund - Class 4		254,951		(261,941	)		(6,990	)		(600,502	)
Franklin Income VIP Fund - Class 1		56,017		(4,246	)		51,771			(18,600	)
Franklin Income VIP Fund - Class 2		17,997,418		(5,349,164	)		12,648,254			(3,456,856	)
Franklin Income VIP Fund - Class 4		7,616,793		(2,080,993	)		5,535,800			(1,930,289	)
Franklin Multi-Asset Variable Conservative Growth - Class I		2,128		(623	)		1,505			(248	)
Franklin Multi-Asset Variable Conservative Growth - Class II		337,404		(213,443	)		123,961			(155,044	)
Franklin Mutual Shares VIP Fund - Class 1		16,131		(4,455	)		11,676			(7,491	)
Franklin Mutual Shares VIP Fund - Class 2		8,571,825		(5,585,573	)		2,986,252			(5,658,407	)
Franklin Mutual Shares VIP Fund - Class 4		741,247		(570,943	)		170,304			(715,280	)
Franklin Rising Dividends VIP Fund - Class 1		36,259		(12,393	)		23,866			(56,015	)
Franklin Rising Dividends VIP Fund - Class 4		470,612		(580,690	)		(110,078	)		(414,539	)
Franklin Small Cap Value VIP Fund - Class 1		21,040		(11,290	)		9,750			(206,596	)
Franklin Small Cap Value VIP Fund - Class 4		83,810		(187,922	)		(104,112	)		(498,978	)
Franklin Small-Mid Cap Growth VIP Fund - Class 1		—		(7,896	)		(7,896	)		(47,232	)
Franklin Small-Mid Cap Growth VIP Fund - Class 4		—		(132,823	)		(132,823	)		(772,411	)
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		47,052		(4,145	)		42,907			2
Goldman Sachs VIT Government Money Market Fund - Service Shares		950,434		(208,835	)		741,599			(3	)
Goldman Sachs VIT Large Cap Value Fund - Service Shares		1,637,297		(1,090,608	)		546,689			(1,307,682	)
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		224,823		(37,340	)		187,483			(14,283	)
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		108,360		(5,638	)		102,722			(4,987	)
Guggenheim VT Long Short Equity		14,818		(41,440	)		(26,622	)		56,462
Guggenheim VT Multi-Hedge Strategies		282,285		(77,492	)		204,793			(6,347	)
Hartford Capital Appreciation HLS Fund - Class IA		841		(375	)		466			(52	)
Hartford Capital Appreciation HLS Fund - Class IC		48,372		(166,628	)		(118,256	)		(228,665	)
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		6,669		(4,582	)		2,087			(161,680	)
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		44,535		(156,061	)		(111,526	)		(536,720	)
Invesco V.I. American Franchise Fund - Series I Shares		—		(28,424	)		(28,424	)		7,692
Invesco V.I. American Franchise Fund - Series II Shares		—		(10,497	)		(10,497	)		(9,480	)
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		—		(2,773	)		(2,773	)		(132,053	)
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		—		(121,646	)		(121,646	)		(362,132	)
Invesco V.I. Comstock Fund - Series I Shares		43,579		(9,665	)		33,914			(22,214	)
Invesco V.I. Comstock Fund - Series II Shares		440,159		(272,349	)		167,810			134,719
Invesco V.I. Core Equity Fund - Series I Shares		34,203		(69,744	)		(35,541	)		(45,367	)
Invesco V.I. Core Equity Fund - Series II Shares		5,632		(18,640	)		(13,008	)		3,123
Invesco V.I. Diversified Dividend Fund - Series I Shares		18,691		(3,658	)		15,033			(40,277	)
Invesco V.I. Diversified Dividend Fund - Series II Shares		389,196		(242,101	)		147,095			(322,683	)

See accompanying notes.
N-14

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
Fidelity®​ VIP Growth Portfolio - Initial Class	$	439,223	$	463,937		$	2,513,925		$	2,895,099
Fidelity®​ VIP Growth Portfolio - Service Class 2		16,032,668		20,585,109			80,982,379			96,783,081
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		104,284		38,930			483,940			528,133
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		15,886,420		15,420,637			59,779,323			68,967,847
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		—		(136,151	)		409,395			536,792
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		—		(493,262	)		1,797,853			2,464,419
Fidelity®​ VIP Technology Portfolio - Initial Class		1,686		2,001			48,005			50,140
Fidelity®​ VIP Technology Portfolio - Service Class 2		14,954		18,198			407,056			418,329
First Trust Capital Strength Hedged Equity Portfolio - Class I		—		1,787			1,699			3,808
First Trust Capital Strength Portfolio - Class I		—		(17,131	)		7,276,576			7,029,952
First Trust Capital Strength Portfolio - Class II		—		26,669			68,223			102,631
First Trust Dorsey Wright Tactical Core Portfolio - Class I		—		(227,150	)		1,079,083			941,667
First Trust Dorsey Wright Tactical Core Portfolio - Class II		—		(112,762	)		135,664			27,390
First Trust Growth Strength Portfolio - Class I		41,828		70,408			527,860			582,288
First Trust International Developed Capital Strength Portfolio - Class I		—		(29,082	)		973,133			922,546
First Trust International Developed Capital Strength Portfolio - Class II		—		(5,521	)		53,268			48,709
First Trust Multi Income Allocation Portfolio - Class I		273,338		256,121			199,549			660,753
First Trust Multi Income Allocation Portfolio - Class II		695		685			872			2,478
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		3,076,265		151,541			14,076,140			15,493,909
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		26,878		15,949			114,156			163,280
Franklin Allocation VIP Fund - Class 1		1,012		1,152			—			2,093
Franklin Allocation VIP Fund - Class 4		316,477		(284,025	)		2,640,120			2,349,105
Franklin Income VIP Fund - Class 1		64,517		45,917			(9,928	)		87,760
Franklin Income VIP Fund - Class 2		21,818,629		18,361,773			(7,677,175	)		23,332,852
Franklin Income VIP Fund - Class 4		9,384,852		7,454,563			(2,355,615	)		10,634,748
Franklin Multi-Asset Variable Conservative Growth - Class I		—		(248	)		10,345			11,602
Franklin Multi-Asset Variable Conservative Growth - Class II		—		(155,044	)		1,845,886			1,814,803
Franklin Mutual Shares VIP Fund - Class 1		64,678		57,187			25,890			94,753
Franklin Mutual Shares VIP Fund - Class 2		39,453,609		33,795,202			16,802,550			53,584,004
Franklin Mutual Shares VIP Fund - Class 4		3,605,849		2,890,569			1,758,800			4,819,673
Franklin Rising Dividends VIP Fund - Class 1		328,632		272,617			53,681			350,164
Franklin Rising Dividends VIP Fund - Class 4		5,817,621		5,403,082			393,104			5,686,108
Franklin Small Cap Value VIP Fund - Class 1		151,986		(54,610	)		331,059			286,199
Franklin Small Cap Value VIP Fund - Class 4		1,059,748		560,770			1,871,034			2,327,692
Franklin Small-Mid Cap Growth VIP Fund - Class 1		—		(47,232	)		494,997			439,869
Franklin Small-Mid Cap Growth VIP Fund - Class 4		—		(772,411	)		3,736,638			2,831,404
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		—		2			1			42,910
Goldman Sachs VIT Government Money Market Fund - Service Shares		—		(3	)		3			741,599
Goldman Sachs VIT Large Cap Value Fund - Service Shares		9,677,378		8,369,696			3,295,920			12,212,305
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		—		(14,283	)		42,022			215,222
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		—		(4,987	)		18,844			116,579
Guggenheim VT Long Short Equity		—		56,462			597,800			627,640
Guggenheim VT Multi-Hedge Strategies		—		(6,347	)		143,705			342,151
Hartford Capital Appreciation HLS Fund - Class IA		1,622		1,570			14,811			16,847
Hartford Capital Appreciation HLS Fund - Class IC		231,752		3,087			2,332,285			2,217,116
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		—		(161,680	)		381,503			221,910
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		—		(536,720	)		3,163,915			2,515,669
Invesco V.I. American Franchise Fund - Series I Shares		43,273		50,965			622,277			644,818
Invesco V.I. American Franchise Fund - Series II Shares		16,036		6,556			207,904			203,963
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		—		(132,053	)		186,591			51,765
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		—		(362,132	)		971,591			487,813
Invesco V.I. Comstock Fund - Series I Shares		268,255		246,041			(27,998	)		251,957
Invesco V.I. Comstock Fund - Series II Shares		3,169,904		3,304,623			(440,157	)		3,032,276
Invesco V.I. Core Equity Fund - Series I Shares		110,375		65,008			896,973			926,440
Invesco V.I. Core Equity Fund - Series II Shares		27,977		31,100			203,402			221,494
Invesco V.I. Diversified Dividend Fund - Series I Shares		76,973		36,696			24,099			75,828
Invesco V.I. Diversified Dividend Fund - Series II Shares		1,848,593		1,525,910			(53,196	)		1,619,809

N-15

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares	$	92,352	$	(38,042	)	$	54,310		$	(6,620	)
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		3,263,771		(4,193,764	)		(929,993	)		5,667,227
Invesco V.I. Equity and Income Fund - Series I Shares		17,478		(2,985	)		14,493			(29,360	)
Invesco V.I. Equity and Income Fund - Series II Shares		283,609		(165,774	)		117,835			(243,649	)
Invesco V.I. EQV International Equity Fund - Series I Shares		4,255		(25,456	)		(21,201	)		(80,285	)
Invesco V.I. EQV International Equity Fund - Series II Shares		—		(1,102,673	)		(1,102,673	)		(1,689,695	)
Invesco V.I. Global Fund - Series II Shares		—		(62,133	)		(62,133	)		(55,243	)
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		31,105		(8,847	)		22,258			(17,844	)
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		231,563		(263,997	)		(32,434	)		(156,678	)
Janus Henderson Balanced Portfolio - Service Shares		206,524		(192,876	)		13,648			601,182
Janus Henderson Enterprise Portfolio - Service Shares		4,557		(81,872	)		(77,315	)		94,909
Janus Henderson Global Research Portfolio - Service Shares		3,700		(7,738	)		(4,038	)		14,196
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2		—		(17,714	)		(17,714	)		(48,616	)
JPMorgan Insurance Trust Income Builder Portfolio - Class 1		—		(397	)		(397	)		(28,802	)
JPMorgan Insurance Trust Income Builder Portfolio - Class 2		—		(13,343	)		(13,343	)		(165,916	)
Lincoln Hedged Nasdaq-100 Fund - Service Class		14		(8,242	)		(8,228	)		70,721
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		92		(5,465	)		(5,373	)		2,952
Lincoln Hedged S&P 500 Conservative Fund - Service Class		113		(29,179	)		(29,066	)		64,407
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		—		(19,789	)		(19,789	)		16,596
Lincoln Hedged S&P 500 Fund - Service Class		105		(17,647	)		(17,542	)		(1,430	)
Lincoln Hedged S&P 500 Fund 2 - Service Class		215		(14,226	)		(14,011	)		3,588
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		—		(6,368	)		(6,368	)		2,452
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		—		(1,720	)		(1,720	)		21,712
Lincoln Opportunistic Hedged Equity Fund - Service Class		36		(48	)		(12	)		—
Lincoln S&P 500 Buffer Fund Feb - Service Class		627		(20,327	)		(19,700	)		27,811
Lincoln S&P 500 Buffer Fund May - Service Class		491		(15,193	)		(14,702	)		13,569
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		—		(20,772	)		(20,772	)		1,594
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		—		(29,940	)		(29,940	)		84,894
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		2,111,268		(421,115	)		1,690,153			(1,425,342	)
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		—		(204,637	)		(204,637	)		(3,480,710	)
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		57,979		(98,127	)		(40,148	)		(35,277	)
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		2,175,198		(468,634	)		1,706,564			(802,278	)
LVIP American Balanced Allocation Fund - Service Class		2,144,488		(913,926	)		1,230,562			(2,258,678	)
LVIP American Balanced Allocation Fund - Standard Class		422,563		(79,162	)		343,401			(128,685	)
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		5,963,851		(6,921,141	)		(957,290	)		1,863,077
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		728,991		(444,759	)		284,232			(475,190	)
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		11,647		(3,509	)		8,138			(1,413	)
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		1,536,360		(1,006,743	)		529,617			(1,117,427	)
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		11,039		(2,627	)		8,412			(765	)
LVIP American Global Growth Fund - Service Class II		1,539,877		(4,533,382	)		(2,993,505	)		3,295,429
LVIP American Global Small Capitalization Fund - Service Class II		—		(844,559	)		(844,559	)		(2,321,356	)
LVIP American Growth Allocation Fund - Service Class		1,302,491		(549,127	)		753,364			(731,454	)
LVIP American Growth Allocation Fund - Standard Class		220,502		(30,147	)		190,355			(118,418	)
LVIP American Growth Fund - Service Class II		118,676		(21,611,491	)		(21,492,815	)		13,062,337
LVIP American Growth-Income Fund - Service Class II		11,674,607		(17,293,615	)		(5,619,008	)		14,295,455
LVIP American Income Allocation Fund - Standard Class		2,689		(1,472	)		1,217			(15,922	)
LVIP American International Fund - Service Class II		2,474,138		(3,888,321	)		(1,414,183	)		(2,362,442	)
LVIP American Preservation Fund - Service Class		467,122		(163,359	)		303,763			(610,944	)
LVIP American Preservation Fund - Standard Class		8,671		(2,211	)		6,460			(1,192	)
LVIP Baron Growth Opportunities Fund - Service Class		—		(4,330,435	)		(4,330,435	)		5,846,886
LVIP Baron Growth Opportunities Fund - Standard Class		—		(7,620	)		(7,620	)		60,560
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		31,795,788		(20,374,217	)		11,421,571			6,330,798

See accompanying notes.
N-16

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares	$	491,106	$	484,486		$	246,804		$	785,600
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		20,977,734		26,644,961			5,860,845			31,575,813
Invesco V.I. Equity and Income Fund - Series I Shares		45,771		16,411			57,999			88,903
Invesco V.I. Equity and Income Fund - Series II Shares		861,028		617,379			672,020			1,407,234
Invesco V.I. EQV International Equity Fund - Series I Shares		1,593		(78,692	)		458,429			358,536
Invesco V.I. EQV International Equity Fund - Series II Shares		56,887		(1,632,808	)		14,153,412			11,417,931
Invesco V.I. Global Fund - Series II Shares		707,850		652,607			1,198,862			1,789,336
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		—		(17,844	)		382,189			386,603
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		—		(156,678	)		4,072,738			3,883,626
Janus Henderson Balanced Portfolio - Service Shares		—		601,182			852,156			1,466,986
Janus Henderson Enterprise Portfolio - Service Shares		368,919		463,828			344,295			730,808
Janus Henderson Global Research Portfolio - Service Shares		14,198		28,394			78,538			102,894
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2		—		(48,616	)		259,839			193,509
JPMorgan Insurance Trust Income Builder Portfolio - Class 1		—		(28,802	)		44,784			15,585
JPMorgan Insurance Trust Income Builder Portfolio - Class 2		—		(165,916	)		312,334			133,075
Lincoln Hedged Nasdaq-100 Fund - Service Class		64,648		135,369			131,571			258,712
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		—		2,952			112,601			110,180
Lincoln Hedged S&P 500 Conservative Fund - Service Class		20,439		84,846			224,939			280,719
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		34,935		51,531			302,218			333,960
Lincoln Hedged S&P 500 Fund - Service Class		52,186		50,756			165,060			198,274
Lincoln Hedged S&P 500 Fund 2 - Service Class		67,663		71,251			166,077			223,317
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		37,761		40,213			142,377			176,222
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		11,716		33,428			31,888			63,596
Lincoln Opportunistic Hedged Equity Fund - Service Class		—		—			(156	)		(168	)
Lincoln S&P 500 Buffer Fund Feb - Service Class		79,386		107,197			218,909			306,406
Lincoln S&P 500 Buffer Fund May - Service Class		94,649		108,218			227,276			320,792
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		46,424		48,018			152,951			180,197
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		128,266		213,160			238,299			421,519
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		—		(1,425,342	)		1,914,786			2,179,597
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		—		(3,480,710	)		4,955,406			1,270,059
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		293,850		258,573			1,081,399			1,299,824
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		—		(802,278	)		1,360,298			2,264,584
LVIP American Balanced Allocation Fund - Service Class		17,489,540		15,230,862			(6,682,328	)		9,779,096
LVIP American Balanced Allocation Fund - Standard Class		3,026,454		2,897,769			(1,495,114	)		1,746,056
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		31,992,301		33,855,378			947,521			33,845,609
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		3,070,275		2,595,085			(65,324	)		2,813,993
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		42,522		41,109			(7,227	)		42,020
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		12,654,778		11,537,351			(4,353,014	)		7,713,954
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		76,167		75,402			(33,145	)		50,669
LVIP American Global Growth Fund - Service Class II		29,006,705		32,302,134			25,777,883			55,086,512
LVIP American Global Small Capitalization Fund - Service Class II		15,579,196		13,257,840			(5,028,924	)		7,384,357
LVIP American Growth Allocation Fund - Service Class		13,352,433		12,620,979			(6,512,821	)		6,861,522
LVIP American Growth Allocation Fund - Standard Class		1,920,048		1,801,630			(958,163	)		1,033,822
LVIP American Growth Fund - Service Class II		171,621,280		184,683,617			281,280,758			444,471,560
LVIP American Growth-Income Fund - Service Class II		89,737,143		104,032,598			147,680,022			246,093,612
LVIP American Income Allocation Fund - Standard Class		7,332		(8,590	)		18,641			11,268
LVIP American International Fund - Service Class II		33,664,113		31,301,671			4,559,023			34,446,511
LVIP American Preservation Fund - Service Class		—		(610,944	)		686,475			379,294
LVIP American Preservation Fund - Standard Class		—		(1,192	)		2,349			7,617
LVIP Baron Growth Opportunities Fund - Service Class		4,571,985		10,418,871			37,400,284			43,488,720
LVIP Baron Growth Opportunities Fund - Standard Class		28,403		88,963			179,453			260,796
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		99,709,816		106,040,614			(21,179,346	)		96,282,839

N-17

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class	$	8,508	$	(1,696	)	$	6,812		$	616
LVIP BlackRock Global Allocation Fund - Service Class		20,238,145		(13,246,891	)		6,991,254			(3,749,150	)
LVIP BlackRock Global Allocation Fund - Standard Class		212,348		(33,752	)		178,596			(32,958	)
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		14,225,322		(10,226,323	)		3,998,999			(1,970,022	)
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		1,601		(888	)		713			(158	)
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class		6,497,608		(5,257,709	)		1,239,899			(1,289,756	)
LVIP BlackRock Inflation Protected Bond Fund - Service Class		16,482,231		(12,260,487	)		4,221,744			(18,727,828	)
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		262,426		(66,268	)		196,158			(734,119	)
LVIP BlackRock Real Estate Fund - Service Class		1,866,972		(1,057,251	)		809,721			(3,443,477	)
LVIP BlackRock Real Estate Fund - Standard Class		64,284		(7,783	)		56,501			(153,430	)
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		8,100,990		(7,585,683	)		515,307			(872,978	)
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		1,869,816		(17,829,491	)		(15,959,675	)		11,387,176
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		7,647		(44,283	)		(36,636	)		59,727
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		272,219		(10,702,013	)		(10,429,794	)		10,843,488
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		343		(1,091	)		(748	)		1,938
LVIP Channing Small Cap Value Fund - Service Class		31,291		(24,833	)		6,458			9,829
LVIP Channing Small Cap Value Fund - Standard Class		4,063		(1,016	)		3,047			846
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		3,039,925		(6,865,315	)		(3,825,390	)		12,239,392
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		766		(673	)		93			1,536
LVIP Delaware Bond Fund - Service Class		105,225,197		(51,937,595	)		53,287,602			(51,786,281	)
LVIP Delaware Bond Fund - Standard Class		1,500,582		(767,800	)		732,782			(1,444,544	)
LVIP Delaware Diversified Floating Rate Fund - Service Class		32,013,419		(10,549,417	)		21,464,002			(1,488,690	)
LVIP Delaware Diversified Floating Rate Fund - Standard Class		258,458		(41,223	)		217,235			55,974
LVIP Delaware Diversified Income Fund - Service Class		64,976,518		(26,599,072	)		38,377,446			(30,970,612	)
LVIP Delaware Diversified Income Fund - Standard Class		730,674		(102,043	)		628,631			(303,233	)
LVIP Delaware High Yield Fund - Service Class		4,777,027		(1,270,591	)		3,506,436			(2,563,736	)
LVIP Delaware High Yield Fund - Standard Class		147,902		(22,841	)		125,061			(36,163	)
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		29,485,586		(12,606,890	)		16,878,696			(8,204,093	)
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		119,104		(25,633	)		93,471			(48,698	)
LVIP Delaware Mid Cap Value Fund - Service Class		1,843,932		(2,098,761	)		(254,829	)		690,996
LVIP Delaware Mid Cap Value Fund - Standard Class		20,776		(6,724	)		14,052			(76,613	)
LVIP Delaware SMID Cap Core Fund - Service Class		1,380,460		(2,240,239	)		(859,779	)		(368,050	)
LVIP Delaware SMID Cap Core Fund - Standard Class		56,332		(65,456	)		(9,124	)		39,703
LVIP Delaware Social Awareness Fund - Service Class		461,044		(1,049,447	)		(588,403	)		879,928
LVIP Delaware Social Awareness Fund - Standard Class		66,017		(97,803	)		(31,786	)		99,949
LVIP Delaware U.S. Growth Fund - Service Class		—		(3,359,534	)		(3,359,534	)		(8,618,717	)
LVIP Delaware U.S. Growth Fund - Standard Class		—		(952	)		(952	)		(2,180	)
LVIP Delaware U.S. REIT Fund - Service Class		3,222,275		(1,610,759	)		1,611,516			(1,040,698	)
LVIP Delaware U.S. REIT Fund - Standard Class		137,615		(33,174	)		104,441			(69,257	)
LVIP Delaware Value Fund - Service Class		3,430,094		(3,968,489	)		(538,395	)		(2,836,220	)
LVIP Delaware Value Fund - Standard Class		75,693		(70,828	)		4,865			(102,797	)
LVIP Delaware Wealth Builder Fund - Service Class		393,557		(252,746	)		140,811			(496,085	)
LVIP Delaware Wealth Builder Fund - Standard Class		67,436		(43,693	)		23,743			(100,854	)
LVIP Dimensional International Core Equity Fund - Service Class		4,135,681		(2,205,717	)		1,929,964			1,325,622
LVIP Dimensional International Core Equity Fund - Standard Class		548,778		(96,011	)		452,767			167,989
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		15,756,417		(7,331,290	)		8,425,127			1,529,914
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		78,575		(12,650	)		65,925			30,078
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		2,595,213		(3,574,980	)		(979,767	)		3,666,785
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		332,024		(138,720	)		193,304			348,738
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		1,651,012		(2,305,021	)		(654,009	)		3,767,542
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		244,875		(98,013	)		146,862			477,371

See accompanying notes.
N-18

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class	$	23,998	$	24,614		$	(3,912	)	$	27,514
LVIP BlackRock Global Allocation Fund - Service Class		—		(3,749,150	)		86,268,255			89,510,359
LVIP BlackRock Global Allocation Fund - Standard Class		—		(32,958	)		774,358			919,996
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		—		(1,970,022	)		54,099,315			56,128,292
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		—		(158	)		5,079			5,634
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class		—		(1,289,756	)		32,950,522			32,900,665
LVIP BlackRock Inflation Protected Bond Fund - Service Class		—		(18,727,828	)		39,142,147			24,636,063
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		—		(734,119	)		1,073,731			535,770
LVIP BlackRock Real Estate Fund - Service Class		—		(3,443,477	)		10,132,237			7,498,481
LVIP BlackRock Real Estate Fund - Standard Class		—		(153,430	)		362,482			265,553
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		—		(872,978	)		50,351,717			49,994,046
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		—		11,387,176			327,496,002			322,923,503
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		—		59,727			514,745			537,836
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		4,812,634		15,656,122			97,157,153			102,383,481
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		809		2,747			17,070			19,069
LVIP Channing Small Cap Value Fund - Service Class		—		9,829			503,163			519,450
LVIP Channing Small Cap Value Fund - Standard Class		—		846			58,022			61,915
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		21,641,887		33,881,279			51,864,317			81,920,206
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		3,562		5,098			8,995			14,186
LVIP Delaware Bond Fund - Service Class		—		(51,786,281	)		145,246,970			146,748,291
LVIP Delaware Bond Fund - Standard Class		—		(1,444,544	)		2,700,849			1,989,087
LVIP Delaware Diversified Floating Rate Fund - Service Class		—		(1,488,690	)		3,550,799			23,526,111
LVIP Delaware Diversified Floating Rate Fund - Standard Class		—		55,974			40,071			313,280
LVIP Delaware Diversified Income Fund - Service Class		—		(30,970,612	)		65,191,235			72,598,069
LVIP Delaware Diversified Income Fund - Standard Class		—		(303,233	)		650,774			976,172
LVIP Delaware High Yield Fund - Service Class		—		(2,563,736	)		6,360,920			7,303,620
LVIP Delaware High Yield Fund - Standard Class		—		(36,163	)		126,565			215,463
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		—		(8,204,093	)		20,995,981			29,670,584
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		—		(48,698	)		91,780			136,553
LVIP Delaware Mid Cap Value Fund - Service Class		11,507,023		12,198,019			666,093			12,609,283
LVIP Delaware Mid Cap Value Fund - Standard Class		120,992		44,379			58,345			116,776
LVIP Delaware SMID Cap Core Fund - Service Class		8,183,451		7,815,401			13,245,102			20,200,724
LVIP Delaware SMID Cap Core Fund - Standard Class		259,104		298,807			421,452			711,135
LVIP Delaware Social Awareness Fund - Service Class		5,137,959		6,017,887			11,447,167			16,876,651
LVIP Delaware Social Awareness Fund - Standard Class		484,269		584,218			1,073,614			1,626,046
LVIP Delaware U.S. Growth Fund - Service Class		—		(8,618,717	)		120,330,832			108,352,581
LVIP Delaware U.S. Growth Fund - Standard Class		—		(2,180	)		104,999			101,867
LVIP Delaware U.S. REIT Fund - Service Class		—		(1,040,698	)		10,172,490			10,743,308
LVIP Delaware U.S. REIT Fund - Standard Class		—		(69,257	)		400,895			436,079
LVIP Delaware Value Fund - Service Class		11,193,541		8,357,321			(4,486,481	)		3,332,445
LVIP Delaware Value Fund - Standard Class		207,675		104,878			(42,262	)		67,481
LVIP Delaware Wealth Builder Fund - Service Class		—		(496,085	)		1,544,260			1,188,986
LVIP Delaware Wealth Builder Fund - Standard Class		—		(100,854	)		268,415			191,304
LVIP Dimensional International Core Equity Fund - Service Class		—		1,325,622			16,439,516			19,695,102
LVIP Dimensional International Core Equity Fund - Standard Class		—		167,989			1,947,843			2,568,599
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		—		1,529,914			58,274,632			68,229,673
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		—		30,078			249,011			345,014
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		11,637,189		15,303,974			31,423,541			45,747,748
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		1,126,317		1,475,055			3,120,301			4,788,660
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		4,873,760		8,641,302			20,730,175			28,717,468
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		608,298		1,085,669			2,463,250			3,695,781

N-19

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class	$	7,777,696	$	(12,618,801	)	$	(4,841,105	)	$	32,132,085
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		69,054		(28,904	)		40,150			79,781
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		2,918,450		(6,905,327	)		(3,986,877	)		6,349,775
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		737		(676	)		61			1,244
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		10,680,471		(12,338,299	)		(1,657,828	)		20,940,991
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class		187		(25	)		162			(3	)
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		3,432,822		(1,912,430	)		1,520,392			(4,523,203	)
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		129,034		(19,320	)		109,714			(171,907	)
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		4,430,997		(1,844,475	)		2,586,522			(782,645	)
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		77,514		(8,772	)		68,742			(16,321	)
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		3,892,763		(4,733,734	)		(840,971	)		(1,970,316	)
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		92,126		(45,266	)		46,860			(411,094	)
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		2,311,079		(2,483,240	)		(172,161	)		(4,264,213	)
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		122,267		(54,575	)		67,692			(526,825	)
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		3,673,188		(2,426,387	)		1,246,801			(1,419,092	)
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class		43,141		(15,038	)		28,103			(22,688	)
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		11,213,446		(11,135,278	)		78,168			(19,085,715	)
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		41,909		(10,101	)		31,808			(18,367	)
LVIP Global Growth Allocation Managed Risk Fund - Service Class		83,767,896		(73,405,065	)		10,362,831			(82,301,249	)
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		190,609		(70,559	)		120,050			(180,548	)
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		69,100,872		(59,759,245	)		9,341,627			(66,540,191	)
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		67,600		(24,960	)		42,640			(450,113	)
LVIP Government Money Market Fund - Service Class		29,344,545		(8,506,335	)		20,838,210			(311	)
LVIP Government Money Market Fund - Standard Class		2,225,619		(498,762	)		1,726,857			(11	)
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		6,791,689		(6,225,449	)		566,240			5,667,326
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		1,741		(832	)		909			522
LVIP JPMorgan Core Bond Fund - Service Class		7,929,289		(3,424,986	)		4,504,303			(2,694,260	)
LVIP JPMorgan Core Bond Fund - Standard Class		294,867		(35,580	)		259,287			(216,593	)
LVIP JPMorgan High Yield Fund - Service Class		8,231,945		(2,475,656	)		5,756,289			(4,035,689	)
LVIP JPMorgan High Yield Fund - Standard Class		247,623		(28,217	)		219,406			(178,490	)
LVIP JPMorgan Mid Cap Value Fund - Service Class		63,374		(11,551	)		51,823			3,324
LVIP JPMorgan Mid Cap Value Fund - Standard Class		8,346		(218	)		8,128			235
LVIP JPMorgan Retirement Income Fund - Service Class		617,601		(274,292	)		343,309			(303,322	)
LVIP JPMorgan Retirement Income Fund - Standard Class		41,937		(5,431	)		36,506			(2,163	)
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		6,173,250		(7,547,000	)		(1,373,750	)		7,649,778
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		2,408		(1,410	)		998			769
LVIP JPMorgan Small Cap Core Fund - Service Class		40,764		(18,082	)		22,682			(5,285	)
LVIP JPMorgan Small Cap Core Fund - Standard Class		12,036		(870	)		11,166			(226	)
LVIP JPMorgan U.S. Equity Fund - Service Class		111,044		(63,040	)		48,004			15,258
LVIP JPMorgan U.S. Equity Fund - Standard Class		2,259		(500	)		1,759			(98	)
LVIP Loomis Sayles Global Growth Fund - Service Class		4,510		(31,040	)		(26,530	)		(102,944	)
LVIP Loomis Sayles Global Growth Fund - Standard Class		1,549		(2,033	)		(484	)		(16,791	)
LVIP MFS International Equity Managed Volatility Fund - Service Class		9,088,392		(8,106,651	)		981,741			7,495,723
LVIP MFS International Growth Fund - Service Class		4,897,729		(3,569,961	)		1,327,768			4,181,685
LVIP MFS International Growth Fund - Standard Class		51,319		(9,281	)		42,038			(10,102	)
LVIP MFS Value Fund - Service Class		15,544,433		(12,478,163	)		3,066,270			30,945,470
LVIP MFS Value Fund - Standard Class		119,484		(26,477	)		93,007			68,356
LVIP Mondrian Global Income Fund - Service Class		—		(6,268,534	)		(6,268,534	)		(12,037,402	)

See accompanying notes.
N-20

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class	$	93,805,713	$	125,937,798		$	31,346,348		$	152,443,041
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		625,350		705,131			292,057			1,037,338
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		21,525,449		27,875,224			64,894,539			88,782,886
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		3,640		4,884			10,748			15,693
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		35,443,339		56,384,330			59,148,830			113,875,332
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class		514		511			341			1,014
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		—		(4,523,203	)		12,229,374			9,226,563
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		—		(171,907	)		439,350			377,157
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		—		(782,645	)		16,030,306			17,834,183
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		—		(16,321	)		235,244			287,665
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		30,976,415		29,006,099			13,899,741			42,064,869
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		658,355		247,261			682,739			976,860
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		8,515,025		4,250,812			17,473,360			21,552,011
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		385,958		(140,867	)		1,049,276			976,101
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		—		(1,419,092	)		26,915,333			26,743,042
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class		—		(22,688	)		305,439			310,854
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		18,730,276		(355,439	)		49,733,302			49,456,031
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		59,563		41,196			97,845			170,849
LVIP Global Growth Allocation Managed Risk Fund - Service Class		—		(82,301,249	)		641,416,322			569,477,904
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		—		(180,548	)		1,172,778			1,112,280
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		—		(66,540,191	)		463,582,838			406,384,274
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		—		(450,113	)		743,917			336,444
LVIP Government Money Market Fund - Service Class		—		(311	)		310			20,838,209
LVIP Government Money Market Fund - Standard Class		—		(11	)		11			1,726,857
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		18,270,521		23,937,847			13,303,716			37,807,803
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		3,810		4,332			3,430			8,671
LVIP JPMorgan Core Bond Fund - Service Class		—		(2,694,260	)		8,429,978			10,240,021
LVIP JPMorgan Core Bond Fund - Standard Class		—		(216,593	)		400,218			442,912
LVIP JPMorgan High Yield Fund - Service Class		—		(4,035,689	)		15,287,419			17,008,019
LVIP JPMorgan High Yield Fund - Standard Class		—		(178,490	)		545,386			586,302
LVIP JPMorgan Mid Cap Value Fund - Service Class		—		3,324			234,858			290,005
LVIP JPMorgan Mid Cap Value Fund - Standard Class		—		235			24,050			32,413
LVIP JPMorgan Retirement Income Fund - Service Class		—		(303,322	)		1,645,961			1,685,948
LVIP JPMorgan Retirement Income Fund - Standard Class		—		(2,163	)		86,865			121,208
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		35,253,065		42,902,843			5,926,150			47,455,243
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		11,402		12,171			3,713			16,882
LVIP JPMorgan Small Cap Core Fund - Service Class		—		(5,285	)		529,755			547,152
LVIP JPMorgan Small Cap Core Fund - Standard Class		—		(226	)		149,555			160,495
LVIP JPMorgan U.S. Equity Fund - Service Class		79,384		94,642			1,188,122			1,330,768
LVIP JPMorgan U.S. Equity Fund - Standard Class		1,317		1,219			18,831			21,809
LVIP Loomis Sayles Global Growth Fund - Service Class		106,106		3,162			686,612			663,244
LVIP Loomis Sayles Global Growth Fund - Standard Class		12,478		(4,313	)		81,269			76,472
LVIP MFS International Equity Managed Volatility Fund - Service Class		32,208,789		39,704,512			21,232,719			61,918,972
LVIP MFS International Growth Fund - Service Class		8,878,269		13,059,954			17,271,346			31,659,068
LVIP MFS International Growth Fund - Standard Class		82,381		72,279			197,945			312,262
LVIP MFS Value Fund - Service Class		62,970,098		93,915,568			(32,788,244	)		64,193,594
LVIP MFS Value Fund - Standard Class		414,799		483,155			(111,768	)		464,394
LVIP Mondrian Global Income Fund - Service Class		—		(12,037,402	)		26,406,541			8,100,605

N-21

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
LVIP Mondrian Global Income Fund - Standard Class	$	—	$	(6,822	)	$	(6,822	)	$	(39,307	)
LVIP Mondrian International Value Fund - Service Class		6,639,738		(3,134,157	)		3,505,581			(641,098	)
LVIP Mondrian International Value Fund - Standard Class		236,308		(112,999	)		123,309			(13,392	)
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		769,219		(1,259,016	)		(489,797	)		1,694,387
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class		462		(232	)		230			2,127
LVIP PIMCO Low Duration Bond Fund - Service Class		23,780,041		(10,867,770	)		12,912,271			(9,314,888	)
LVIP PIMCO Low Duration Bond Fund - Standard Class		422,943		(65,084	)		357,859			(159,047	)
LVIP SSGA Bond Index Fund - Service Class		19,401,070		(12,521,269	)		6,879,801			(13,097,336	)
LVIP SSGA Bond Index Fund - Standard Class		445,493		(88,567	)		356,926			(514,059	)
LVIP SSGA Conservative Index Allocation Fund - Service Class		1,554,081		(1,047,018	)		507,063			(324,821	)
LVIP SSGA Conservative Index Allocation Fund - Standard Class		112,265		(31,104	)		81,161			(118,265	)
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		425,252		(170,396	)		254,856			(594,399	)
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		92,641		(12,186	)		80,455			(100,955	)
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		11,792,969		(8,818,844	)		2,974,125			(7,280,845	)
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		58,758		(12,707	)		46,051			(34,545	)
LVIP SSGA International Index Fund - Service Class		7,046,107		(3,853,716	)		3,192,391			5,459,204
LVIP SSGA International Index Fund - Standard Class		468,888		(84,610	)		384,278			79,026
LVIP SSGA International Managed Volatility Fund - Service Class		6,835,765		(4,121,636	)		2,714,129			1,693,437
LVIP SSGA International Managed Volatility Fund - Standard Class		1,396		(639	)		757			374
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		8,608,626		(11,452,566	)		(2,843,940	)		12,618,004
LVIP SSGA Mid-Cap Index Fund - Service Class		1,868,754		(2,188,752	)		(319,998	)		(912,010	)
LVIP SSGA Mid-Cap Index Fund - Standard Class		212,735		(75,501	)		137,234			(135,175	)
LVIP SSGA Moderate Index Allocation Fund - Service Class		4,912,296		(3,489,985	)		1,422,311			3,103,833
LVIP SSGA Moderate Index Allocation Fund - Standard Class		100,297		(23,831	)		76,466			(43,264	)
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		4,135,519		(3,227,606	)		907,913			3,082,913
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		128,060		(26,701	)		101,359			(892	)
LVIP SSGA Nasdaq-100 Index Fund - Service Class		67,755		(167,691	)		(99,936	)		362,492
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		12,524		(6,554	)		5,970			36,882
LVIP SSGA S&P 500 Index Fund - Service Class		20,474,434		(23,865,280	)		(3,390,846	)		54,795,847
LVIP SSGA S&P 500 Index Fund - Standard Class		1,841,025		(864,449	)		976,576			2,054,647
LVIP SSGA Short-Term Bond Index Fund - Service Class		5,638,916		(2,716,667	)		2,922,249			(1,606,021	)
LVIP SSGA Short-Term Bond Index Fund - Standard Class		336,400		(46,992	)		289,408			(34,789	)
LVIP SSGA Small-Cap Index Fund - Service Class		4,222,993		(5,975,136	)		(1,752,143	)		136,844
LVIP SSGA Small-Cap Index Fund - Standard Class		215,843		(96,608	)		119,235			(526,903	)
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		5,361,756		(8,506,171	)		(3,144,415	)		(4,037,819	)
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		650		(468	)		182			2
LVIP Structured Conservative Allocation Fund - Service Class		2,550,569		(1,640,289	)		910,280			(1,742,378	)
LVIP Structured Conservative Allocation Fund - Standard Class		27,431		(6,520	)		20,911			(32,137	)
LVIP Structured Moderate Allocation Fund - Service Class		11,425,691		(8,026,769	)		3,398,922			(2,394,718	)
LVIP Structured Moderate Allocation Fund - Standard Class		36,018		(5,253	)		30,765			(2,205	)
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		6,546,071		(4,676,925	)		1,869,146			(36,314	)
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		65,939		(13,016	)		52,923			(9,079	)
LVIP T. Rowe Price 2020 Fund - Service Class		154,196		(111,444	)		42,752			(85,773	)
LVIP T. Rowe Price 2030 Fund - Service Class		79,675		(67,032	)		12,643			(8,238	)
LVIP T. Rowe Price 2040 Fund - Service Class		65,321		(78,128	)		(12,807	)		23,518
LVIP T. Rowe Price Growth Stock Fund - Service Class		—		(4,668,973	)		(4,668,973	)		1,606,835
LVIP T. Rowe Price Growth Stock Fund - Standard Class		—		(23,982	)		(23,982	)		(131,764	)
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		—		(4,613,367	)		(4,613,367	)		(3,699,755	)
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		1,126		(42,657	)		(41,531	)		(10,284	)
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		1,988,381		(2,469,492	)		(481,111	)		(966,980	)
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		16,013		(5,962	)		10,051			(8,573	)
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class		22,025,710		(18,385,862	)		3,639,848			(1,169,097	)
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		40,478		(13,708	)		26,770			(48,977	)
LVIP Vanguard Bond Allocation Fund - Service Class		25,821,856		(12,080,066	)		13,741,790			(11,665,750	)
LVIP Vanguard Bond Allocation Fund - Standard Class		1,395,879		(228,039	)		1,167,840			(705,243	)
LVIP Vanguard Domestic Equity ETF Fund - Service Class		4,406,713		(5,418,699	)		(1,011,986	)		19,131,515
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		281,282		(128,415	)		152,867			508,047

See accompanying notes.
N-22

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments		Net Increase (Decrease) in Net Assets Resulting from Operations
LVIP Mondrian Global Income Fund - Standard Class	$	—	$	(39,307	)	$	81,005	$	34,876
LVIP Mondrian International Value Fund - Service Class		—		(641,098	)		34,532,120		37,396,603
LVIP Mondrian International Value Fund - Standard Class		—		(13,392	)		1,116,106		1,226,023
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		2,607,142		4,301,529			13,121,745		16,933,477
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class		1,096		3,223			6,200		9,653
LVIP PIMCO Low Duration Bond Fund - Service Class		—		(9,314,888	)		19,011,929		22,609,312
LVIP PIMCO Low Duration Bond Fund - Standard Class		—		(159,047	)		328,124		526,936
LVIP SSGA Bond Index Fund - Service Class		—		(13,097,336	)		30,998,624		24,781,089
LVIP SSGA Bond Index Fund - Standard Class		—		(514,059	)		891,581		734,448
LVIP SSGA Conservative Index Allocation Fund - Service Class		1,012,881		688,060			4,954,814		6,149,937
LVIP SSGA Conservative Index Allocation Fund - Standard Class		66,925		(51,340	)		408,615		438,436
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		—		(594,399	)		1,250,163		910,620
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		—		(100,955	)		191,184		170,684
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		—		(7,280,845	)		63,312,016		59,005,296
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		—		(34,545	)		254,554		266,060
LVIP SSGA International Index Fund - Service Class		—		5,459,204			26,802,231		35,453,826
LVIP SSGA International Index Fund - Standard Class		—		79,026			1,742,736		2,206,040
LVIP SSGA International Managed Volatility Fund - Service Class		—		1,693,437			33,714,977		38,122,543
LVIP SSGA International Managed Volatility Fund - Standard Class		—		374			7,243		8,374
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		112,454,626		125,072,630			33,509,003		155,737,693
LVIP SSGA Mid-Cap Index Fund - Service Class		9,183,601		8,271,591			12,986,778		20,938,371
LVIP SSGA Mid-Cap Index Fund - Standard Class		850,215		715,040			1,289,939		2,142,213
LVIP SSGA Moderate Index Allocation Fund - Service Class		5,762,585		8,866,418			15,997,887		26,286,616
LVIP SSGA Moderate Index Allocation Fund - Standard Class		113,726		70,462			411,347		558,275
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		5,979,649		9,062,562			15,356,762		25,327,237
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		162,805		161,913			502,586		765,858
LVIP SSGA Nasdaq-100 Index Fund - Service Class		—		362,492			5,431,815		5,694,371
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		—		36,882			467,551		510,403
LVIP SSGA S&P 500 Index Fund - Service Class		42,818,571		97,614,418			253,383,871		347,607,443
LVIP SSGA S&P 500 Index Fund - Standard Class		3,187,618		5,242,265			20,646,075		26,864,916
LVIP SSGA Short-Term Bond Index Fund - Service Class		—		(1,606,021	)		5,313,684		6,629,912
LVIP SSGA Short-Term Bond Index Fund - Standard Class		—		(34,789	)		222,489		477,108
LVIP SSGA Small-Cap Index Fund - Service Class		4,291,961		4,428,805			53,680,239		56,356,901
LVIP SSGA Small-Cap Index Fund - Standard Class		187,831		(339,072	)		2,826,773		2,606,936
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		—		(4,037,819	)		72,812,839		65,630,605
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		—		2			6,696		6,880
LVIP Structured Conservative Allocation Fund - Service Class		1,218,126		(524,252	)		8,725,618		9,111,646
LVIP Structured Conservative Allocation Fund - Standard Class		12,858		(19,279	)		95,449		97,081
LVIP Structured Moderate Allocation Fund - Service Class		10,788,279		8,393,561			41,210,228		53,002,711
LVIP Structured Moderate Allocation Fund - Standard Class		29,627		27,422			104,669		162,856
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		6,347,946		6,311,632			25,666,837		33,847,615
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		48,912		39,833			210,732		303,488
LVIP T. Rowe Price 2020 Fund - Service Class		263,946		178,173			529,513		750,438
LVIP T. Rowe Price 2030 Fund - Service Class		176,977		168,739			353,003		534,385
LVIP T. Rowe Price 2040 Fund - Service Class		174,986		198,504			515,870		701,567
LVIP T. Rowe Price Growth Stock Fund - Service Class		—		1,606,835			117,466,505		114,404,367
LVIP T. Rowe Price Growth Stock Fund - Standard Class		—		(131,764	)		2,208,383		2,052,637
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		—		(3,699,755	)		61,910,555		53,597,433
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		—		(10,284	)		693,689		641,874
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		—		(966,980	)		22,949,845		21,501,754
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		—		(8,573	)		157,465		158,943
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class		—		(1,169,097	)		201,719,249		204,190,000
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		—		(48,977	)		382,846		360,639
LVIP Vanguard Bond Allocation Fund - Service Class		—		(11,665,750	)		32,430,296		34,506,336
LVIP Vanguard Bond Allocation Fund - Standard Class		—		(705,243	)		1,707,760		2,170,357
LVIP Vanguard Domestic Equity ETF Fund - Service Class		2,525,952		21,657,467			60,885,978		81,531,459
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		131,671		639,718			3,648,074		4,440,659

N-23

Lincoln Life Variable Annuity Account N

Statements of operations (continued)

Year Ended December 31, 2023

Subaccount	Dividends from Investment Income		Mortality and Expense Guarantee Charges			Net Investment Income (Loss)			Net Realized Gain (Loss) on Investments
LVIP Vanguard International Equity ETF Fund - Service Class	$	7,448,994	$	(3,721,283	)	$	3,727,711		$	168,570
LVIP Vanguard International Equity ETF Fund - Standard Class		707,397		(126,581	)		580,816			(112,346	)
LVIP Wellington Capital Growth Fund - Service Class		—		(4,345,402	)		(4,345,402	)		1,746,121
LVIP Wellington Capital Growth Fund - Standard Class		—		(15,202	)		(15,202	)		(160,536	)
LVIP Wellington SMID Cap Value Fund - Service Class		951,816		(1,896,288	)		(944,472	)		895,483
LVIP Wellington SMID Cap Value Fund - Standard Class		13,137		(6,561	)		6,576			(10,867	)
LVIP Western Asset Core Bond Fund - Service Class		43,323,244		(5,731,969	)		37,591,275			(7,791,081	)
LVIP Western Asset Core Bond Fund - Standard Class		1,644,890		(76,583	)		1,568,307			(421,100	)
MFS®​ VIT Growth Series - Initial Class		—		(52,233	)		(52,233	)		(61,376	)
MFS®​ VIT Growth Series - Service Class		—		(2,954,928	)		(2,954,928	)		(2,193,907	)
MFS®​ VIT Total Return Series - Initial Class		105,438		(65,311	)		40,127			(49,538	)
MFS®​ VIT Total Return Series - Service Class		2,313,818		(1,697,785	)		616,033			(1,241,260	)
MFS®​ VIT Utilities Series - Initial Class		178,313		(60,445	)		117,868			45,438
MFS®​ VIT Utilities Series - Service Class		4,988,668		(2,295,198	)		2,693,470			1,387,715
MFS®​ VIT II Core Equity Portfolio - Service Class		4,745		(24,774	)		(20,029	)		17,026
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		14,238		(7,779	)		6,459			(47,362	)
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		153,409		(343,964	)		(190,555	)		164,510
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		35,976		(5,338	)		30,638			(6,153	)
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		184,923		(84,895	)		100,028			(575,470	)
Morgan Stanley VIF Growth Portfolio - Class II		—		(20,099	)		(20,099	)		(653,705	)
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		145,840		(246,660	)		(100,820	)		85,820
PIMCO VIT All Asset Portfolio - Advisor Class		170,951		(54,162	)		116,789			(448,722	)
PIMCO VIT All Asset Portfolio - Institutional Class		18,342		(1,914	)		16,428			(1,981	)
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		2,365,107		(225,676	)		2,139,431			(2,207,726	)
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		8,701		(145	)		8,556			(17,307	)
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		109,137		(37,355	)		71,782			(136,692	)
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		3,905		(608	)		3,297			(4,856	)
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		83,222		(17,879	)		65,343			(50,961	)
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		4,487		(315	)		4,172			(4,011	)
Putnam VT George Putnam Balanced Fund - Class IA		19,821		(6,444	)		13,377			1,029
Putnam VT George Putnam Balanced Fund - Class IB		1,099,099		(1,370,584	)		(271,485	)		(106,127	)
Putnam VT Global Health Care Fund - Class IA		6,040		(4,478	)		1,562			(19,383	)
Putnam VT Global Health Care Fund - Class IB		62,818		(243,139	)		(180,321	)		(289,540	)
Putnam VT Income Fund - Class IA		41,905		(2,789	)		39,116			(14,150	)
Putnam VT Income Fund - Class IB		541,294		(102,785	)		438,509			(656,988	)
Putnam VT Large Cap Value Fund - Class IA		184,361		(49,646	)		134,715			41,208
Putnam VT Large Cap Value Fund - Class IB		3,227,609		(2,202,792	)		1,024,817			(738,207	)
Putnam VT Multi-Asset Absolute Return Fund - Class IA		6,397		(162	)		6,235			(6,996	)
Putnam VT Multi-Asset Absolute Return Fund - Class IB		188,057		(9,889	)		178,168			(270,750	)
Putnam VT Sustainable Future Fund - Class IB		—		(864	)		(864	)		8,084
Putnam VT Sustainable Leaders Fund - Class IA		—		(274	)		(274	)		190
Putnam VT Sustainable Leaders Fund - Class IB		40		(1,618	)		(1,578	)		376
Templeton Foreign VIP Fund - Class 1		9,574		(887	)		8,687			786
Templeton Foreign VIP Fund - Class 4		169,024		(51,448	)		117,576			22,305
Templeton Global Bond VIP Fund - Class 1		—		(10,320	)		(10,320	)		(155,426	)
Templeton Global Bond VIP Fund - Class 2		—		(2,824,359	)		(2,824,359	)		(8,665,105	)
Templeton Global Bond VIP Fund - Class 4		—		(185,454	)		(185,454	)		(684,923	)
Templeton Growth VIP Fund - Class 2		495,967		(260,245	)		235,722			(190,703	)
TOPS®​ Balanced ETF Portfolio - Service Class Shares		9,853		(3,384	)		6,469			(532	)
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		164,230		(178,354	)		(14,124	)		86,368
VanEck VIP Global Resources Fund - Class S Shares		153,332		(63,396	)		89,936			285,667
VanEck VIP Global Resources Fund - Initial Class Shares		25,035		(3,255	)		21,780			(3,891	)
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		711,970		(161,020	)		550,950			(376,405	)
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		146,659		(8,240	)		138,419			(39,908	)

See accompanying notes.
N-24

Subaccount	Dividends from Net Realized Gain on Investments		Total Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation or Depreciation on Investments			Net Increase (Decrease) in Net Assets Resulting from Operations
LVIP Vanguard International Equity ETF Fund - Service Class	$	—	$	168,570		$	28,881,834		$	32,778,115
LVIP Vanguard International Equity ETF Fund - Standard Class		—		(112,346	)		2,650,326			3,118,796
LVIP Wellington Capital Growth Fund - Service Class		5,958,485		7,704,606			112,467,586			115,826,790
LVIP Wellington Capital Growth Fund - Standard Class		65,135		(95,401	)		1,446,188			1,335,585
LVIP Wellington SMID Cap Value Fund - Service Class		15,978,922		16,874,405			2,953,341			18,883,274
LVIP Wellington SMID Cap Value Fund - Standard Class		198,802		187,935			65,645			260,156
LVIP Western Asset Core Bond Fund - Service Class		—		(7,791,081	)		(11,587,180	)		18,213,014
LVIP Western Asset Core Bond Fund - Standard Class		—		(421,100	)		(366,666	)		780,541
MFS®​ VIT Growth Series - Initial Class		346,376		285,000			1,122,063			1,354,830
MFS®​ VIT Growth Series - Service Class		17,807,183		15,613,276			49,880,592			62,538,940
MFS®​ VIT Total Return Series - Initial Class		219,597		170,059			245,890			456,076
MFS®​ VIT Total Return Series - Service Class		5,522,572		4,281,312			5,632,860			10,530,205
MFS®​ VIT Utilities Series - Initial Class		275,912		321,350			(619,685	)		(180,467	)
MFS®​ VIT Utilities Series - Service Class		8,367,771		9,755,486			(18,645,115	)		(6,196,159	)
MFS®​ VIT II Core Equity Portfolio - Service Class		71,684		88,710			227,851			296,532
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		147,950		100,588			171,369			278,416
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		2,455,973		2,620,483			2,515,946			4,945,874
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		198,370		192,217			(169,229	)		53,626
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		1,148,689		573,219			(301,147	)		372,100
Morgan Stanley VIF Growth Portfolio - Class II		—		(653,705	)		1,475,760			801,956
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		736,013		821,833			528,315			1,249,328
PIMCO VIT All Asset Portfolio - Advisor Class		—		(448,722	)		700,219			368,286
PIMCO VIT All Asset Portfolio - Institutional Class		—		(1,981	)		21,420			35,867
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		—		(2,207,726	)		(1,570,538	)		(1,638,833	)
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		—		(17,307	)		5,561			(3,190	)
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		—		(136,692	)		233,307			168,397
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		—		(4,856	)		7,855			6,296
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		—		(50,961	)		124,356			138,738
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		—		(4,011	)		4,532			4,693
Putnam VT George Putnam Balanced Fund - Class IA		—		1,029			239,608			254,014
Putnam VT George Putnam Balanced Fund - Class IB		—		(106,127	)		15,108,720			14,731,108
Putnam VT Global Health Care Fund - Class IA		87,175		67,792			36,759			106,113
Putnam VT Global Health Care Fund - Class IB		1,662,063		1,372,523			367,124			1,559,326
Putnam VT Income Fund - Class IA		—		(14,150	)		9,624			34,590
Putnam VT Income Fund - Class IB		—		(656,988	)		508,983			290,504
Putnam VT Large Cap Value Fund - Class IA		464,544		505,752			612,131			1,252,598
Putnam VT Large Cap Value Fund - Class IB		9,047,516		8,309,309			12,204,312			21,538,438
Putnam VT Multi-Asset Absolute Return Fund - Class IA		—		(6,996	)		2,499			1,738
Putnam VT Multi-Asset Absolute Return Fund - Class IB		—		(270,750	)		126,727			34,145
Putnam VT Sustainable Future Fund - Class IB		—		8,084			17,478			24,698
Putnam VT Sustainable Leaders Fund - Class IA		—		190			24,076			23,992
Putnam VT Sustainable Leaders Fund - Class IB		245		621			34,897			33,940
Templeton Foreign VIP Fund - Class 1		—		786			34,152			43,625
Templeton Foreign VIP Fund - Class 4		—		22,305			726,810			866,691
Templeton Global Bond VIP Fund - Class 1		—		(155,426	)		256,782			91,036
Templeton Global Bond VIP Fund - Class 2		—		(8,665,105	)		13,450,200			1,960,736
Templeton Global Bond VIP Fund - Class 4		—		(684,923	)		1,155,622			285,245
Templeton Growth VIP Fund - Class 2		—		(190,703	)		2,535,410			2,580,429
TOPS®​ Balanced ETF Portfolio - Service Class Shares		7,153		6,621			41,147			54,237
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		125,841		212,209			878,459			1,076,544
VanEck VIP Global Resources Fund - Class S Shares		—		285,667			(621,416	)		(245,813	)
VanEck VIP Global Resources Fund - Initial Class Shares		—		(3,891	)		(59,236	)		(41,347	)
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		—		(376,405	)		932,456			1,107,001
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		—		(39,908	)		95,363			193,874

N-25

Lincoln Life Variable Annuity Account N

Statements of changes in net assets

Years Ended December 31, 2022 and 2023

	AB VPS Discovery Value Portfolio - Class A Subaccount			AB VPS Discovery Value Portfolio - Class B Subaccount			AB VPS Large Cap Growth Portfolio - Class B Subaccount			AB VPS Sustainable Global Thematic Portfolio - Class B Subaccount			ALPS Global Opportunity Portfolio - Class I Subaccount			ALPS Global Opportunity Portfolio - Class III Subaccount			ALPS/Alerian Energy Infrastructure Portfolio - Class I Subaccount
NET ASSETS AT JANUARY 1, 2022	$	711,565		$	260,686,099		$	12,375,493		$	45,145,814		$	227,781		$	16,448,476		$	877,960
Changes From Operations:
• Net investment income (loss)		3,477			(1,407,480	)		(150,061	)		(544,188	)		33,625			1,306,930			77,593
• Net realized gain (loss) on investments		104,155			35,198,900			1,423,526			3,651,025			15,560			1,124,387			26,581
• Net change in unrealized appreciation or depreciation on investments		(216,481	)		(77,468,870	)		(4,878,693	)		(15,690,264	)		(125,647	)		(7,144,777	)		22,857
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(108,849	)		(43,677,450	)		(3,605,228	)		(12,583,427	)		(76,462	)		(4,713,460	)		127,031
Change From Unit Transactions:
• Net unit transactions		(63,029	)		(16,994,025	)		(756,433	)		(1,331,990	)		58,493			(1,275,755	)		801,747
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(63,029	)		(16,994,025	)		(756,433	)		(1,331,990	)		58,493			(1,275,755	)		801,747
TOTAL INCREASE (DECREASE) IN NET ASSETS		(171,878	)		(60,671,475	)		(4,361,661	)		(13,915,417	)		(17,969	)		(5,989,215	)		928,778
NET ASSETS AT DECEMBER 31, 2022		539,687			200,014,624			8,013,832			31,230,397			209,812			10,459,261			1,806,738
Changes From Operations:
• Net investment income (loss)		3,074			(1,274,984	)		(146,233	)		(479,610	)		(1,052	)		(115,844	)		88,943
• Net realized gain (loss) on investments		36,588			14,472,859			867,521			1,642,262			(4,417	)		(589,362	)		58,044
• Net change in unrealized appreciation or depreciation on investments		46,437			16,491,839			1,788,719			2,905,029			65,271			3,148,834			128,614
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		86,099			29,689,714			2,510,007			4,067,681			59,802			2,443,628			275,601
Change From Unit Transactions:
• Net unit transactions		(37,579	)		(15,523,666	)		(717,131	)		(3,806,782	)		(7,080	)		(2,516,122	)		738,517
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(37,579	)		(15,523,666	)		(717,131	)		(3,806,782	)		(7,080	)		(2,516,122	)		738,517
TOTAL INCREASE (DECREASE) IN NET ASSETS		48,520			14,166,048			1,792,876			260,899			52,722			(72,494	)		1,014,118
NET ASSETS AT DECEMBER 31, 2023	$	588,207		$	214,180,672		$	9,806,708		$	31,491,296		$	262,534		$	10,386,767		$	2,820,856

See accompanying notes.
N-26

	ALPS/Alerian Energy Infrastructure Portfolio - Class III Subaccount			American Century VP Balanced Fund - Class I Subaccount			American Century VP Balanced Fund - Class II Subaccount			American Century VP Inflation Protection Fund - Class II Subaccount			American Century VP Large Company Value Fund - Class I Subaccount			American Century VP Large Company Value Fund - Class II Subaccount
NET ASSETS AT JANUARY 1, 2022	$	25,104,013		$	663,324		$	148,045,370		$	21,716		$	5,500,649		$	68,518,831
Changes From Operations:
• Net investment income (loss)		870,482			3,435			(649,489	)		537			95,502			486,164
• Net realized gain (loss) on investments		1,106,778			82,073			18,662,188			(29	)		482,441			5,288,806
• Net change in unrealized appreciation or depreciation on investments		1,567,472			(202,465	)		(46,109,061	)		(3,752	)		(626,790	)		(7,265,299	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,544,732			(116,957	)		(28,096,362	)		(3,244	)		(48,847	)		(1,490,329	)
Change From Unit Transactions:
• Net unit transactions		(2,344,334	)		(22,052	)		805,935			(1,434	)		1,090,304			46,361,718
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(2,344,334	)		(22,052	)		805,935			(1,434	)		1,090,304			46,361,718
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,200,398			(139,009	)		(27,290,427	)		(4,678	)		1,041,457			44,871,389
NET ASSETS AT DECEMBER 31, 2022		26,304,411			524,315			120,754,943			17,038			6,542,106			113,390,220
Changes From Operations:
• Net investment income (loss)		399,919			16,698			292,382			185			128,544			1,055,069
• Net realized gain (loss) on investments		1,300,774			(18,201	)		(1,723,793	)		(225	)		215,145			3,404,554
• Net change in unrealized appreciation or depreciation on investments		683,229			155,982			18,555,091			190			(121,657	)		(2,228,398	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,383,922			154,479			17,123,680			150			222,032			2,231,225
Change From Unit Transactions:
• Net unit transactions		(7,293,284	)		429,810			(1,771,134	)		(1,344	)		(136,088	)		(8,271,160	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(7,293,284	)		429,810			(1,771,134	)		(1,344	)		(136,088	)		(8,271,160	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,909,362	)		584,289			15,352,546			(1,194	)		85,944			(6,039,935	)
NET ASSETS AT DECEMBER 31, 2023	$	21,395,049		$	1,108,604		$	136,107,489		$	15,844		$	6,628,050		$	107,350,285

N-27

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	American Funds Asset Allocation Fund - Class 1 Subaccount			American Funds Asset Allocation Fund - Class 1A Subaccount			American Funds Asset Allocation Fund - Class 4 Subaccount			American Funds Capital Income Builder®​ - Class 1 Subaccount			American Funds Capital Income Builder®​ - Class 1A Subaccount			American Funds Capital Income Builder®​ - Class 4 Subaccount			American Funds Capital World Bond Fund - Class 1 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	24,731,608		$	24,074,567		$	282,327,497		$	1,109,466		$	9,093,355		$	55,737,245		$	2,971,792
Changes From Operations:
• Net investment income (loss)		350,338			400,923			1,518,327			26,662			216,542			737,722			(14,417	)
• Net realized gain (loss) on investments		2,274,833			2,078,051			25,652,563			7,910			73,604			863,589			2,130
• Net change in unrealized appreciation or depreciation on investments		(6,021,666	)		(5,735,661	)		(69,322,002	)		(115,627	)		(993,287	)		(6,323,900	)		(523,270	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(3,396,495	)		(3,256,687	)		(42,151,112	)		(81,055	)		(703,141	)		(4,722,589	)		(535,557	)
Change From Unit Transactions:
• Net unit transactions		37,071			5,714,270			8,765,124			(13,763	)		1,003,013			1,254,676			(46,427	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		37,071			5,714,270			8,765,124			(13,763	)		1,003,013			1,254,676			(46,427	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,359,424	)		2,457,583			(33,385,988	)		(94,818	)		299,872			(3,467,913	)		(581,984	)
NET ASSETS AT DECEMBER 31, 2022		21,372,184			26,532,150			248,941,509			1,014,648			9,393,227			52,269,332			2,389,808
Changes From Operations:
• Net investment income (loss)		407,762			516,321			2,376,136			25,743			234,902			935,042			(19,855	)
• Net realized gain (loss) on investments		836,346			603,686			6,964,444			7,062			24,177			551,287			(60,009	)
• Net change in unrealized appreciation or depreciation on investments		1,598,366			2,614,212			21,738,601			49,762			530,870			2,696,352			207,096
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,842,474			3,734,219			31,079,181			82,567			789,949			4,182,681			127,232
Change From Unit Transactions:
• Net unit transactions		(1,376,131	)		1,768,311			(13,885,570	)		(105,336	)		(168,937	)		456,531			(136,804	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,376,131	)		1,768,311			(13,885,570	)		(105,336	)		(168,937	)		456,531			(136,804	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,466,343			5,502,530			17,193,611			(22,769	)		621,012			4,639,212			(9,572	)
NET ASSETS AT DECEMBER 31, 2023	$	22,838,527		$	32,034,680		$	266,135,120		$	991,879		$	10,014,239		$	56,908,544		$	2,380,236

See accompanying notes.
N-28

	American Funds Capital World Bond Fund - Class 1A Subaccount			American Funds Capital World Growth and Income Fund - Class 1 Subaccount			American Funds Capital World Growth and Income Fund - Class 1A Subaccount			American Funds Global Balanced Fund - Class 1 Subaccount			American Funds Global Balanced Fund - Class 1A Subaccount			American Funds Global Growth Fund - Class 1 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,529,656		$	1,668,026		$	5,712,399		$	347,920		$	3,335,106		$	2,837,499
Changes From Operations:
• Net investment income (loss)		(4,285	)		23,602			94,544			(2,404	)		(13,432	)		1,907
• Net realized gain (loss) on investments		(79,504	)		306,877			821,726			3,397			6,980			259,307
• Net change in unrealized appreciation or depreciation on investments		(218,281	)		(627,255	)		(1,939,819	)		(53,534	)		(424,387	)		(916,747	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(302,070	)		(296,776	)		(1,023,549	)		(52,541	)		(430,839	)		(655,533	)
Change From Unit Transactions:
• Net unit transactions		106,061			(36,118	)		(88,443	)		49,796			(783,271	)		(839,480	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		106,061			(36,118	)		(88,443	)		49,796			(783,271	)		(839,480	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(196,009	)		(332,894	)		(1,111,992	)		(2,745	)		(1,214,110	)		(1,495,013	)
NET ASSETS AT DECEMBER 31, 2022		1,333,647			1,335,132			4,600,407			345,175			2,120,996			1,342,486
Changes From Operations:
• Net investment income (loss)		(6,890	)		18,100			70,493			4,073			23,627			5,714
• Net realized gain (loss) on investments		(25,030	)		(7,713	)		(133,223	)		42,354			242,495			99,545
• Net change in unrealized appreciation or depreciation on investments		107,999			252,875			981,595			(2,478	)		1,496			160,908
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		76,079			263,262			918,865			43,949			267,618			266,167
Change From Unit Transactions:
• Net unit transactions		43,637			(92,426	)		(83,177	)		(35,077	)		(123,230	)		(194,150	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		43,637			(92,426	)		(83,177	)		(35,077	)		(123,230	)		(194,150	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		119,716			170,836			835,688			8,872			144,388			72,017
NET ASSETS AT DECEMBER 31, 2023	$	1,453,363		$	1,505,968		$	5,436,095		$	354,047		$	2,265,384		$	1,414,503

N-29

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	American Funds Global Growth Fund - Class 1A Subaccount			American Funds Global Growth Fund - Class 2 Subaccount			American Funds Global Growth Fund - Class 4 Subaccount			American Funds Global Small Capitalization Fund - Class 1 Subaccount			American Funds Global Small Capitalization Fund - Class 1A Subaccount			American Funds Global Small Capitalization Fund - Class 2 Subaccount			American Funds Global Small Capitalization Fund - Class 4 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	16,444,653		$	331,592,236		$	124,611,582		$	1,645,115		$	4,963,838		$	364,736,293		$	34,450,040
Changes From Operations:
• Net investment income (loss)		17,741			(2,257,707	)		(587,772	)		(8,275	)		(20,494	)		(3,622,184	)		(280,297	)
• Net realized gain (loss) on investments		1,231,439			33,823,478			9,755,393			390,791			1,163,353			94,117,455			7,925,734
• Net change in unrealized appreciation or depreciation on investments		(5,429,185	)		(117,347,779	)		(41,749,773	)		(868,403	)		(2,724,948	)		(204,461,946	)		(18,356,117	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,180,005	)		(85,782,008	)		(32,582,152	)		(485,887	)		(1,582,089	)		(113,966,675	)		(10,710,680	)
Change From Unit Transactions:
• Net unit transactions		601,900			(17,782,831	)		1,600,722			(62,996	)		616,527			13,060,814			1,319,493
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		601,900			(17,782,831	)		1,600,722			(62,996	)		616,527			13,060,814			1,319,493
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,578,105	)		(103,564,839	)		(30,981,430	)		(548,883	)		(965,562	)		(100,905,861	)		(9,391,187	)
NET ASSETS AT DECEMBER 31, 2022		12,866,548			228,027,397			93,630,152			1,096,232			3,998,276			263,830,432			25,058,853
Changes From Operations:
• Net investment income (loss)		52,356			(1,568,199	)		(338,761	)		(2,052	)		(11,188	)		(2,625,402	)		(286,189	)
• Net realized gain (loss) on investments		814,671			23,022,519			6,799,484			(32,539	)		(220,974	)		(6,147,556	)		(1,139,870	)
• Net change in unrealized appreciation or depreciation on investments		1,977,228			22,631,035			13,262,198			203,161			868,738			46,403,922			5,311,283
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,844,255			44,085,355			19,722,921			168,570			636,576			37,630,964			3,885,224
Change From Unit Transactions:
• Net unit transactions		131,451			(33,292,023	)		2,227,665			(19,415	)		68,764			(26,643,370	)		4,943,944
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		131,451			(33,292,023	)		2,227,665			(19,415	)		68,764			(26,643,370	)		4,943,944
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,975,706			10,793,332			21,950,586			149,155			705,340			10,987,594			8,829,168
NET ASSETS AT DECEMBER 31, 2023	$	15,842,254		$	238,820,729		$	115,580,738		$	1,245,387		$	4,703,616		$	274,818,026		$	33,888,021

See accompanying notes.
N-30

	American Funds Growth Fund - Class 1 Subaccount			American Funds Growth Fund - Class 1A Subaccount			American Funds Growth Fund - Class 2 Subaccount			American Funds Growth Fund - Class 4 Subaccount			American Funds Growth- Income Fund - Class 1 Subaccount			American Funds Growth- Income Fund - Class 1A Subaccount
NET ASSETS AT JANUARY 1, 2022	$	9,445,804		$	53,310,366		$	1,768,484,011		$	437,753,534		$	3,288,497		$	32,073,184
Changes From Operations:
• Net investment income (loss)		(16,263	)		(39,314	)		(18,060,459	)		(3,541,391	)		17,996			248,271
• Net realized gain (loss) on investments		1,128,649			5,442,656			227,076,381			48,063,823			291,188			2,610,814
• Net change in unrealized appreciation or depreciation on investments		(3,938,823	)		(22,011,756	)		(747,529,995	)		(185,150,238	)		(866,908	)		(8,358,802	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,826,437	)		(16,608,414	)		(538,514,073	)		(140,627,806	)		(557,724	)		(5,499,717	)
Change From Unit Transactions:
• Net unit transactions		(463,892	)		2,274,325			(86,009,706	)		39,186,173			(173,306	)		1,630,720
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(463,892	)		2,274,325			(86,009,706	)		39,186,173			(173,306	)		1,630,720
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,290,329	)		(14,334,089	)		(624,523,779	)		(101,441,633	)		(731,030	)		(3,868,997	)
NET ASSETS AT DECEMBER 31, 2022		6,155,475			38,976,277			1,143,960,232			336,311,901			2,557,467			28,204,187
Changes From Operations:
• Net investment income (loss)		(12,752	)		(47,592	)		(16,401,304	)		(3,605,792	)		19,703			285,878
• Net realized gain (loss) on investments		353,069			1,596,254			105,502,924			18,117,492			193,684			1,527,773
• Net change in unrealized appreciation or depreciation on investments		1,709,399			13,261,346			298,007,244			110,057,109			398,473			5,367,938
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,049,716			14,810,008			387,108,864			124,568,809			611,860			7,181,589
Change From Unit Transactions:
• Net unit transactions		(1,326,807	)		273,930			(185,709,504	)		26,491,490			(381,683	)		12,965
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,326,807	)		273,930			(185,709,504	)		26,491,490			(381,683	)		12,965
TOTAL INCREASE (DECREASE) IN NET ASSETS		722,909			15,083,938			201,399,360			151,060,299			230,177			7,194,554
NET ASSETS AT DECEMBER 31, 2023	$	6,878,384		$	54,060,215		$	1,345,359,592		$	487,372,200		$	2,787,644		$	35,398,741

N-31

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	American Funds Growth-Income Fund - Class 2 Subaccount			American Funds Growth-Income Fund - Class 4 Subaccount			American Funds High-Income Trust - Class 1 Subaccount			American Funds High-Income Trust - Class 1A Subaccount			American Funds International Fund - Class 1 Subaccount			American Funds International Fund - Class 1A Subaccount			American Funds International Fund - Class 2 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,937,644,819		$	255,625,285		$	1,879,396		$	1,456,294		$	3,385,811		$	11,746,161		$	555,485,504
Changes From Operations:
• Net investment income (loss)		(3,335,029	)		154,204			101,493			89,136			36,721			146,681			1,264,013
• Net realized gain (loss) on investments		207,148,986			24,075,772			(41,914	)		(27,233	)		361,336			1,167,904			55,644,226
• Net change in unrealized appreciation or depreciation on investments		(538,615,201	)		(71,201,985	)		(235,811	)		(202,565	)		(1,112,474	)		(3,924,194	)		(178,589,448	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(334,801,244	)		(46,972,009	)		(176,232	)		(140,662	)		(714,417	)		(2,609,609	)		(121,681,209	)
Change From Unit Transactions:
• Net unit transactions		(185,363,315	)		26,263,277			(353,706	)		(53,275	)		(29,440	)		1,287,498			(21,896,346	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(185,363,315	)		26,263,277			(353,706	)		(53,275	)		(29,440	)		1,287,498			(21,896,346	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(520,164,559	)		(20,708,732	)		(529,938	)		(193,937	)		(743,857	)		(1,322,111	)		(143,577,555	)
NET ASSETS AT DECEMBER 31, 2022		1,417,480,260			234,916,553			1,349,458			1,262,357			2,641,954			10,424,050			411,907,949
Changes From Operations:
• Net investment income (loss)		(1,671,765	)		484,654			80,746			155,981			26,317			97,393			(641,857	)
• Net realized gain (loss) on investments		123,120,142			14,947,103			(39,269	)		(12,048	)		(23,526	)		(310,400	)		(8,193,310	)
• Net change in unrealized appreciation or depreciation on investments		198,053,336			43,238,209			104,887			107,123			405,459			1,826,551			64,880,789
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		319,501,713			58,669,966			146,364			251,056			408,250			1,613,544			56,045,622
Change From Unit Transactions:
• Net unit transactions		(206,729,087	)		16,195,093			(163,242	)		1,098,177			36,915			21,552			(46,453,515	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(206,729,087	)		16,195,093			(163,242	)		1,098,177			36,915			21,552			(46,453,515	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		112,772,626			74,865,059			(16,878	)		1,349,233			445,165			1,635,096			9,592,107
NET ASSETS AT DECEMBER 31, 2023	$	1,530,252,886		$	309,781,612		$	1,332,580		$	2,611,590		$	3,087,119		$	12,059,146		$	421,500,056

See accompanying notes.
N-32

	American Funds International Fund - Class 4 Subaccount			American Funds International Growth and Income Fund - Class 1 Subaccount			American Funds International Growth and Income Fund - Class 1A Subaccount			American Funds Managed Risk Asset Allocation Fund - Class P1 Subaccount			American Funds Managed Risk Asset Allocation Fund - Class P2 Subaccount			American Funds Managed Risk Growth Fund - Class P1 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	62,830,736		$	1,003,507		$	3,126,291		$	7,250,348		$	157,441,858		$	5,380,840
Changes From Operations:
• Net investment income (loss)		305,421			14,348			57,295			126,102			972,976			47,265
• Net realized gain (loss) on investments		6,058,606			339,508			863,129			230,487			5,385,232			713,029
• Net change in unrealized appreciation or depreciation on investments		(20,326,453	)		(510,932	)		(1,323,727	)		(1,446,413	)		(29,963,717	)		(1,993,513	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(13,962,426	)		(157,076	)		(403,303	)		(1,089,824	)		(23,605,509	)		(1,233,219	)
Change From Unit Transactions:
• Net unit transactions		3,925,340			(71,025	)		(407,744	)		482,640			(8,825,459	)		(50,650	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		3,925,340			(71,025	)		(407,744	)		482,640			(8,825,459	)		(50,650	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(10,037,086	)		(228,101	)		(811,047	)		(607,184	)		(32,430,968	)		(1,283,869	)
NET ASSETS AT DECEMBER 31, 2022		52,793,650			775,406			2,315,244			6,643,164			125,010,890			4,096,971
Changes From Operations:
• Net investment income (loss)		83,006			12,299			57,450			103,403			453,997			2,775
• Net realized gain (loss) on investments		(1,484,465	)		(34,821	)		(274,318	)		667,538			12,740,306			827,628
• Net change in unrealized appreciation or depreciation on investments		8,996,814			132,633			583,993			(112,398	)		(3,192,322	)		199,541
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		7,595,355			110,111			367,125			658,543			10,001,981			1,029,944
Change From Unit Transactions:
• Net unit transactions		1,097,829			(68,389	)		273,696			(24,488	)		(11,050,435	)		560,908
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,097,829			(68,389	)		273,696			(24,488	)		(11,050,435	)		560,908
TOTAL INCREASE (DECREASE) IN NET ASSETS		8,693,184			41,722			640,821			634,055			(1,048,454	)		1,590,852
NET ASSETS AT DECEMBER 31, 2023	$	61,486,834		$	817,128		$	2,956,065		$	7,277,219		$	123,962,436		$	5,687,823

N-33

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	American Funds Managed Risk Growth- Income Fund - Class P1 Subaccount			American Funds Managed Risk International Fund - Class P1 Subaccount			American Funds Managed Risk Washington Mutual Investors Fund - Class P1 Subaccount			American Funds Mortgage Fund - Class 1 Subaccount			American Funds Mortgage Fund - Class 1A Subaccount			American Funds Mortgage Fund - Class 4 Subaccount			American Funds New World Fund®​ - Class 1 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,590,752		$	1,683,709		$	2,299,890		$	654,844		$	2,217,056		$	6,933,462		$	3,578,414
Changes From Operations:
• Net investment income (loss)		26,472			53,522			104,792			1,043			28,693			55,588			25,718
• Net realized gain (loss) on investments		5,625			(65,063	)		(9,620	)		(5,958	)		(66,322	)		(91,471	)		277,611
• Net change in unrealized appreciation or depreciation on investments		(317,451	)		(285,416	)		(339,444	)		(63,161	)		(161,323	)		(769,040	)		(1,121,980	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(285,354	)		(296,957	)		(244,272	)		(68,076	)		(198,952	)		(804,923	)		(818,651	)
Change From Unit Transactions:
• Net unit transactions		226,617			267,232			543,303			(67,212	)		(362,026	)		1,075,546			82,074
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		226,617			267,232			543,303			(67,212	)		(362,026	)		1,075,546			82,074
TOTAL INCREASE (DECREASE) IN NET ASSETS		(58,737	)		(29,725	)		299,031			(135,288	)		(560,978	)		270,623			(736,577	)
NET ASSETS AT DECEMBER 31, 2022		1,532,015			1,653,984			2,598,921			519,556			1,656,078			7,204,085			2,841,837
Changes From Operations:
• Net investment income (loss)		17,459			16,804			40,281			11,505			62,096			164,546			26,179
• Net realized gain (loss) on investments		178,399			76,892			278,441			(29,402	)		(35,237	)		(230,699	)		3,236
• Net change in unrealized appreciation or depreciation on investments		43,427			6,836			(94,313	)		25,117			34,817			218,830			384,103
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		239,285			100,532			224,409			7,220			61,676			152,677			413,518
Change From Unit Transactions:
• Net unit transactions		(26,523	)		62,567			(305,880	)		(93,724	)		158,507			(515,085	)		(360,627	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(26,523	)		62,567			(305,880	)		(93,724	)		158,507			(515,085	)		(360,627	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		212,762			163,099			(81,471	)		(86,504	)		220,183			(362,408	)		52,891
NET ASSETS AT DECEMBER 31, 2023	$	1,744,777		$	1,817,083		$	2,517,450		$	433,052		$	1,876,261		$	6,841,677		$	2,894,728

See accompanying notes.
N-34

	American Funds New World Fund®​ - Class 1A Subaccount			American Funds New World Fund®​ - Class 4 Subaccount			American Funds The Bond Fund of America - Class 1 Subaccount			American Funds The Bond Fund of America - Class 1A Subaccount			American Funds U.S. Government Securities Fund - Class 1 Subaccount			American Funds U.S. Government Securities Fund - Class 1A Subaccount
NET ASSETS AT JANUARY 1, 2022	$	10,032,282		$	56,215,439		$	7,791,562		$	11,165,352		$	329,712		$	4,653,756
Changes From Operations:
• Net investment income (loss)		75,333			65,774			156,953			256,683			8,257			122,638
• Net realized gain (loss) on investments		518,874			3,971,439			(4,993	)		(61,087	)		(7,911	)		(316,006	)
• Net change in unrealized appreciation or depreciation on investments		(2,936,373	)		(17,159,866	)		(1,126,609	)		(1,625,286	)		(35,600	)		(295,019	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,342,166	)		(13,122,653	)		(974,649	)		(1,429,690	)		(35,254	)		(488,387	)
Change From Unit Transactions:
• Net unit transactions		295,886			1,424,699			(644,924	)		229,586			35,916			(296,902	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		295,886			1,424,699			(644,924	)		229,586			35,916			(296,902	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,046,280	)		(11,697,954	)		(1,619,573	)		(1,200,104	)		662			(785,289	)
NET ASSETS AT DECEMBER 31, 2022		7,986,002			44,517,485			6,171,989			9,965,248			330,374			3,868,467
Changes From Operations:
• Net investment income (loss)		93,341			174,321			172,313			428,152			6,913			140,353
• Net realized gain (loss) on investments		(107,538	)		(336,250	)		(141,092	)		(139,273	)		(26,737	)		(120,365	)
• Net change in unrealized appreciation or depreciation on investments		1,271,134			6,925,374			233,038			338,145			21,819			81,358
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,256,937			6,763,445			264,259			627,024			1,995			101,346
Change From Unit Transactions:
• Net unit transactions		475,290			5,337,127			(252,909	)		4,923,138			(103,412	)		769,239
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		475,290			5,337,127			(252,909	)		4,923,138			(103,412	)		769,239
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,732,227			12,100,572			11,350			5,550,162			(101,417	)		870,585
NET ASSETS AT DECEMBER 31, 2023	$	9,718,229		$	56,618,057		$	6,183,339		$	15,515,410		$	228,957		$	4,739,052

N-35

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	American Funds Washington Mutual Investors Fund - Class 1 Subaccount			American Funds Washington Mutual Investors Fund - Class 1A Subaccount			American Funds Washington Mutual Investors Fund - Class 4 Subaccount			BlackRock Global Allocation V.I. Fund - Class I Subaccount			BlackRock Global Allocation V.I. Fund - Class III Subaccount			ClearBridge Variable Aggressive Growth Portfolio - Class I Subaccount			ClearBridge Variable Aggressive Growth Portfolio - Class II Subaccount
NET ASSETS AT JANUARY 1, 2022	$	4,662,906		$	18,789,114		$	96,471,478		$	6,754,231		$	1,057,226,537		$	683,163		$	24,198,802
Changes From Operations:
• Net investment income (loss)		53,606			217,430			724,260			(13,367	)		(6,592,148	)		348			(224,059	)
• Net realized gain (loss) on investments		1,036,472			3,865,708			21,050,250			(735,431	)		(122,747,572	)		33,798			1,221,229
• Net change in unrealized appreciation or depreciation on investments		(1,502,349	)		(5,940,667	)		(31,034,275	)		682			7,323,597			(227,058	)		(7,495,368	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(412,271	)		(1,857,529	)		(9,259,765	)		(748,116	)		(122,016,123	)		(192,912	)		(6,498,198	)
Change From Unit Transactions:
• Net unit transactions		(349,390	)		592,902			9,433,147			(6,006,115	)		(935,210,414	)		2,129			(465,656	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(349,390	)		592,902			9,433,147			(6,006,115	)		(935,210,414	)		2,129			(465,656	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(761,661	)		(1,264,627	)		173,382			(6,754,231	)		(1,057,226,537	)		(190,783	)		(6,963,854	)
NET ASSETS AT DECEMBER 31, 2022		3,901,245			17,524,487			96,644,860			—			—			492,380			17,234,948
Changes From Operations:
• Net investment income (loss)		34,967			226,167			788,790			—			—			(397	)		(190,510	)
• Net realized gain (loss) on investments		(104,772	)		17,404			331,857			—			—			15,677			61,306
• Net change in unrealized appreciation or depreciation on investments		535,173			2,921,589			15,069,566			—			—			100,662			3,737,949
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		465,368			3,165,160			16,190,213			—			—			115,942			3,608,745
Change From Unit Transactions:
• Net unit transactions		(1,317,922	)		1,037,798			10,114,812			—			—			(45,313	)		(2,339,490	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,317,922	)		1,037,798			10,114,812			—			—			(45,313	)		(2,339,490	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(852,554	)		4,202,958			26,305,025			—			—			70,629			1,269,255
NET ASSETS AT DECEMBER 31, 2023	$	3,048,691		$	21,727,445		$	122,949,885		$	—		$	—		$	563,009		$	18,504,203

See accompanying notes.
N-36

	ClearBridge Variable Large Cap Growth Portfolio - Class I Subaccount			ClearBridge Variable Large Cap Growth Portfolio - Class II Subaccount			ClearBridge Variable Mid Cap Portfolio - Class I Subaccount			ClearBridge Variable Mid Cap Portfolio - Class II Subaccount			Columbia VP Commodity Strategy Fund - Class 1 Subaccount			Columbia VP Commodity Strategy Fund - Class 2 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	6,458,198		$	238,342,012		$	2,318,620		$	72,482,261		$	985,109		$	6,016,740
Changes From Operations:
• Net investment income (loss)		(26,774	)		(2,824,539	)		(2,964	)		(713,062	)		588,463			3,770,990
• Net realized gain (loss) on investments		67,241			13,877,075			105,119			3,877,404			120,792			74,731
• Net change in unrealized appreciation or depreciation on investments		(2,104,460	)		(91,987,919	)		(687,448	)		(22,726,158	)		(682,030	)		(3,325,483	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,063,993	)		(80,935,383	)		(585,293	)		(19,561,816	)		27,225			520,238
Change From Unit Transactions:
• Net unit transactions		(241,115	)		16,194,893			(137,694	)		1,282,669			1,393,837			8,620,950
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(241,115	)		16,194,893			(137,694	)		1,282,669			1,393,837			8,620,950
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,305,108	)		(64,740,490	)		(722,987	)		(18,279,147	)		1,421,062			9,141,188
NET ASSETS AT DECEMBER 31, 2022		4,153,090			173,601,522			1,595,633			54,203,114			2,406,171			15,157,928
Changes From Operations:
• Net investment income (loss)		(30,121	)		(3,268,471	)		(5,567	)		(701,701	)		510,157			1,614,607
• Net realized gain (loss) on investments		44,999			3,865,808			(66,869	)		(162,546	)		(558,142	)		(3,144,726	)
• Net change in unrealized appreciation or depreciation on investments		1,959,023			73,388,318			252,910			6,956,138			(102,191	)		623,182
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,973,901			73,985,655			180,474			6,091,891			(150,176	)		(906,937	)
Change From Unit Transactions:
• Net unit transactions		1,106,119			18,158,170			(125,722	)		(762,260	)		(804,164	)		(8,254,636	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,106,119			18,158,170			(125,722	)		(762,260	)		(804,164	)		(8,254,636	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,080,020			92,143,825			54,752			5,329,631			(954,340	)		(9,161,573	)
NET ASSETS AT DECEMBER 31, 2023	$	7,233,110		$	265,745,347		$	1,650,385		$	59,532,745		$	1,451,831		$	5,996,355

N-37

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Columbia VP Emerging Markets Bond Fund - Class 1 Subaccount			Columbia VP Emerging Markets Bond Fund - Class 2 Subaccount			Columbia VP Strategic Income Fund - Class 1 Subaccount			Columbia VP Strategic Income Fund - Class 2 Subaccount			Delaware Ivy VIP Asset Strategy Portfolio - Class I Subaccount			Delaware Ivy VIP Asset Strategy Portfolio - Class II Subaccount			Delaware Ivy VIP Energy Portfolio - Class I Subaccount
NET ASSETS AT JANUARY 1, 2022	$	846,331		$	4,590,207		$	2,783,528		$	17,582,103		$	966,551		$	8,672,969		$	167,585
Changes From Operations:
• Net investment income (loss)		25,285			94,706			65,498			274,636			12,819			23,068			13,147
• Net realized gain (loss) on investments		(79,682	)		(401,671	)		44,699			172,088			66,031			412,558			98,946
• Net change in unrealized appreciation or depreciation on investments		(94,277	)		(464,670	)		(426,408	)		(2,709,112	)		(222,610	)		(1,790,866	)		(2,728	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(148,674	)		(771,635	)		(316,211	)		(2,262,388	)		(143,760	)		(1,355,240	)		109,365
Change From Unit Transactions:
• Net unit transactions		(201,967	)		(1,147,994	)		(84,736	)		200,917			(1,591	)		(731,477	)		169,985
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(201,967	)		(1,147,994	)		(84,736	)		200,917			(1,591	)		(731,477	)		169,985
TOTAL INCREASE (DECREASE) IN NET ASSETS		(350,641	)		(1,919,629	)		(400,947	)		(2,061,471	)		(145,351	)		(2,086,717	)		279,350
NET ASSETS AT DECEMBER 31, 2022		495,690			2,670,578			2,382,581			15,520,632			821,200			6,586,252			446,935
Changes From Operations:
• Net investment income (loss)		35,943			111,121			74,179			361,525			19,000			72,331			15,507
• Net realized gain (loss) on investments		(15,862	)		(117,060	)		(92,386	)		(621,502	)		(1,545	)		(136,413	)		28,123
• Net change in unrealized appreciation or depreciation on investments		54,331			233,302			229,811			1,486,913			97,946			908,466			(16,347	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		74,412			227,363			211,604			1,226,936			115,401			844,384			27,283
Change From Unit Transactions:
• Net unit transactions		346,138			(144,748	)		(13,671	)		(478,288	)		16,581			176,960			(2,325	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		346,138			(144,748	)		(13,671	)		(478,288	)		16,581			176,960			(2,325	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		420,550			82,615			197,933			748,648			131,982			1,021,344			24,958
NET ASSETS AT DECEMBER 31, 2023	$	916,240		$	2,753,193		$	2,580,514		$	16,269,280		$	953,182		$	7,607,596		$	471,893

See accompanying notes.
N-38

	Delaware Ivy VIP Energy Portfolio - Class II Subaccount			Delaware Ivy VIP High Income Portfolio - Class I Subaccount			Delaware Ivy VIP High Income Portfolio - Class II Subaccount			Delaware Ivy VIP Mid Cap Growth Portfolio - Class I Subaccount			Delaware Ivy VIP Mid Cap Growth Portfolio - Class II Subaccount			Delaware Ivy VIP Science and Technology Portfolio - Class I Subaccount
NET ASSETS AT JANUARY 1, 2022	$	10,828,195		$	2,095,089		$	27,115,967		$	7,444,775		$	35,551,587		$	2,150,899
Changes From Operations:
• Net investment income (loss)		635,046			149,975			1,242,481			(25,507	)		(288,031	)		(6,886	)
• Net realized gain (loss) on investments		2,379,644			(108,256	)		(547,616	)		914,252			4,627,277			(143,883	)
• Net change in unrealized appreciation or depreciation on investments		3,886,234			(333,377	)		(3,811,157	)		(3,151,153	)		(16,138,444	)		(553,088	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		6,900,924			(291,658	)		(3,116,292	)		(2,262,408	)		(11,799,198	)		(703,857	)
Change From Unit Transactions:
• Net unit transactions		11,330,621			169,132			(2,895,971	)		(247,336	)		1,106,495			(115,337	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		11,330,621			169,132			(2,895,971	)		(247,336	)		1,106,495			(115,337	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		18,231,545			(122,526	)		(6,012,263	)		(2,509,744	)		(10,692,703	)		(819,194	)
NET ASSETS AT DECEMBER 31, 2022		29,059,740			1,972,563			21,103,704			4,935,031			24,858,884			1,331,705
Changes From Operations:
• Net investment income (loss)		248,721			137,306			1,060,262			(24,602	)		(281,544	)		(7,459	)
• Net realized gain (loss) on investments		2,763,233			(38,672	)		(781,740	)		309,089			1,596,803			(37,867	)
• Net change in unrealized appreciation or depreciation on investments		(3,658,194	)		195,838			1,833,467			645,708			3,430,634			623,894
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(646,240	)		294,472			2,111,989			930,195			4,745,893			578,568
Change From Unit Transactions:
• Net unit transactions		(15,485,957	)		816,661			(1,081,162	)		(410,675	)		2,890,319			320,282
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(15,485,957	)		816,661			(1,081,162	)		(410,675	)		2,890,319			320,282
TOTAL INCREASE (DECREASE) IN NET ASSETS		(16,132,197	)		1,111,133			1,030,827			519,520			7,636,212			898,850
NET ASSETS AT DECEMBER 31, 2023	$	12,927,543		$	3,083,696		$	22,134,531		$	5,454,551		$	32,495,096		$	2,230,555

N-39

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Delaware Ivy VIP Science and Technology Portfolio - Class II Subaccount			Delaware Ivy VIP Small Cap Growth Portfolio - Class I Subaccount			Delaware Ivy VIP Small Cap Growth Portfolio - Class II Subaccount			Delaware VIP®​ Emerging Markets Series - Service Class Subaccount			Delaware VIP®​ Emerging Markets Series - Standard Class Subaccount			Delaware VIP®​ International Series - Standard Class Subaccount			Delaware VIP®​ Small Cap Value Series - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	57,682,468		$	773,314		$	11,851,738		$	309,342,381		$	1,433,474		$	71,516		$	524,665,809
Changes From Operations:
• Net investment income (loss)		(466,538	)		(4,120	)		(103,443	)		5,513,759			47,022			66			(4,734,927	)
• Net realized gain (loss) on investments		1,807,940			207,418			1,676,697			367,543			(32,939	)		4,356			43,648,811
• Net change in unrealized appreciation or depreciation on investments		(19,775,012	)		(534,158	)		(5,022,194	)		(93,946,119	)		(437,695	)		(17,596	)		(108,523,079	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(18,433,610	)		(330,860	)		(3,448,940	)		(88,064,817	)		(423,612	)		(13,174	)		(69,609,195	)
Change From Unit Transactions:
• Net unit transactions		(2,630,401	)		685,938			1,277,041			(4,711,461	)		524,665			(997	)		(29,134,838	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(2,630,401	)		685,938			1,277,041			(4,711,461	)		524,665			(997	)		(29,134,838	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(21,064,011	)		355,078			(2,171,899	)		(92,776,278	)		101,053			(14,171	)		(98,744,033	)
NET ASSETS AT DECEMBER 31, 2022		36,618,457			1,128,392			9,679,839			216,566,103			1,534,527			57,345			425,921,776
Changes From Operations:
• Net investment income (loss)		(476,799	)		(5,047	)		(109,561	)		(690,275	)		18,673			(12	)		(3,907,255	)
• Net realized gain (loss) on investments		(1,033,189	)		163,239			925,053			(1,943,795	)		(84,954	)		(1,173	)		20,401,062
• Net change in unrealized appreciation or depreciation on investments		15,166,293			(8,309	)		436,940			26,753,923			238,240			7,770			15,927,094
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		13,656,305			149,883			1,252,432			24,119,853			171,959			6,585			32,420,901
Change From Unit Transactions:
• Net unit transactions		(1,723,065	)		63,474			1,840,834			(23,147,587	)		(321,255	)		(6,286	)		(6,882,126	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,723,065	)		63,474			1,840,834			(23,147,587	)		(321,255	)		(6,286	)		(6,882,126	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,933,240			213,357			3,093,266			972,266			(149,296	)		299			25,538,775
NET ASSETS AT DECEMBER 31, 2023	$	48,551,697		$	1,341,749		$	12,773,105		$	217,538,369		$	1,385,231		$	57,644		$	451,460,551

See accompanying notes.
N-40

	Delaware VIP®​ Small Cap Value Series - Standard Class Subaccount			DWS Alternative Asset Allocation VIP Portfolio - Class A Subaccount			DWS Alternative Asset Allocation VIP Portfolio - Class B Subaccount			DWS Equity 500 Index VIP Portfolio - Class A Subaccount			DWS Small Cap Index VIP Portfolio - Class A Subaccount			Eaton Vance VT Floating-Rate Income Fund - ADV Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	9,029,082		$	1,993,690		$	47,536,453		$	7,700,222		$	3,012,588		$	2,607,497
Changes From Operations:
• Net investment income (loss)		(20,294	)		187,534			2,416,136			(22,280	)		(16,249	)		125,069
• Net realized gain (loss) on investments		655,497			(1,276	)		271,616			620,451			391,811			(23,447	)
• Net change in unrealized appreciation or depreciation on investments		(1,807,546	)		(420,700	)		(6,951,791	)		(2,114,921	)		(1,014,469	)		(181,727	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,172,343	)		(234,442	)		(4,264,039	)		(1,516,750	)		(638,907	)		(80,105	)
Change From Unit Transactions:
• Net unit transactions		(532,530	)		839,950			(2,982,523	)		(405,508	)		(312,514	)		153,736
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(532,530	)		839,950			(2,982,523	)		(405,508	)		(312,514	)		153,736
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,704,873	)		605,508			(7,246,562	)		(1,922,258	)		(951,421	)		73,631
NET ASSETS AT DECEMBER 31, 2022		7,324,209			2,599,198			40,289,891			5,777,964			2,061,167			2,681,128
Changes From Operations:
• Net investment income (loss)		(7,767	)		162,443			1,933,424			(16,675	)		(9,346	)		336,421
• Net realized gain (loss) on investments		270,217			12,195			(236,435	)		494,486			6,294			(25,547	)
• Net change in unrealized appreciation or depreciation on investments		291,780			(32,589	)		(199,880	)		794,652			284,219			132,906
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		554,230			142,049			1,497,109			1,272,463			281,167			443,780
Change From Unit Transactions:
• Net unit transactions		(746,152	)		(41,438	)		(4,392,149	)		(787,268	)		(285,126	)		1,545,849
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(746,152	)		(41,438	)		(4,392,149	)		(787,268	)		(285,126	)		1,545,849
TOTAL INCREASE (DECREASE) IN NET ASSETS		(191,922	)		100,611			(2,895,040	)		485,195			(3,959	)		1,989,629
NET ASSETS AT DECEMBER 31, 2023	$	7,132,287		$	2,699,809		$	37,394,851		$	6,263,159		$	2,057,208		$	4,670,757

N-41

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Eaton Vance VT Floating-Rate Income Fund - Initial Class Subaccount			Fidelity®​ VIP Balanced Portfolio - Initial Class Subaccount			Fidelity®​ VIP Balanced Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class Subaccount			Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	37,830,933		$	8,301,318		$	262,567,558		$	—		$	—		$	—		$	9,130,307
Changes From Operations:
• Net investment income (loss)		1,252,180			71,192			(842,770	)		—			—			—			5,315
• Net realized gain (loss) on investments		(510,484	)		255,846			11,725,697			—			—			—			396,983
• Net change in unrealized appreciation or depreciation on investments		(2,333,901	)		(2,011,982	)		(66,684,491	)		—			—			—			(2,693,810	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,592,205	)		(1,684,944	)		(55,801,564	)		—			—			—			(2,291,512	)
Change From Unit Transactions:
• Net unit transactions		765,632			1,716,696			49,162,336			—			—			—			(1,240,040	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		765,632			1,716,696			49,162,336			—			—			—			(1,240,040	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(826,573	)		31,752			(6,639,228	)		—			—			—			(3,531,552	)
NET ASSETS AT DECEMBER 31, 2022		37,004,360			8,333,070			255,928,330			—			—			—			5,598,755
Changes From Operations:
• Net investment income (loss)		2,474,854			137,219			808,209			(2	)		(98	)		2,378			8,244
• Net realized gain (loss) on investments		(716,085	)		169,100			9,248,199			78			152			1,757			349,356
• Net change in unrealized appreciation or depreciation on investments		1,556,962			1,620,491			46,479,440			—			6,647			(2,370	)		1,681,637
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,315,731			1,926,810			56,535,848			76			6,701			1,765			2,039,237
Change From Unit Transactions:
• Net unit transactions		(4,127,211	)		1,154,028			81,203,619			(76	)		149,275			222,302			746,704
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(4,127,211	)		1,154,028			81,203,619			(76	)		149,275			222,302			746,704
TOTAL INCREASE (DECREASE) IN NET ASSETS		(811,480	)		3,080,838			137,739,467			—			155,976			224,067			2,785,941
NET ASSETS AT DECEMBER 31, 2023	$	36,192,880		$	11,413,908		$	393,667,797		$	—		$	155,976		$	224,067		$	8,384,696

See accompanying notes.
N-42

	Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Financials Portfolio - Initial Class Subaccount			Fidelity®​ VIP Financials Portfolio - Service Class 2 Subaccount		Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class Subaccount			Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Growth Portfolio - Initial Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,637,867,768		$	—		$	—	$	787,542		$	30,399,690		$	11,862,192
Changes From Operations:
• Net investment income (loss)		(16,924,360	)		—			—		8,376			92,584			(38,111	)
• Net realized gain (loss) on investments		93,510,776			—			—		112,609			3,715,338			720,078
• Net change in unrealized appreciation or depreciation on investments		(525,588,593	)		—			—		(234,095	)		(8,436,239	)		(3,643,886	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(449,002,177	)		—			—		(113,110	)		(4,628,317	)		(2,961,919	)
Change From Unit Transactions:
• Net unit transactions		(27,459,491	)		—			—		(31,967	)		(1,150,254	)		(325,743	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(27,459,491	)		—			—		(31,967	)		(1,150,254	)		(325,743	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(476,461,668	)		—			—		(145,077	)		(5,778,571	)		(3,287,662	)
NET ASSETS AT DECEMBER 31, 2022		1,161,406,100			—			—		642,465			24,621,119			8,574,530
Changes From Operations:
• Net investment income (loss)		(16,582,777	)		(19	)		730		12,211			230,022			(82,763	)
• Net realized gain (loss) on investments		87,821,810			554			3,705		(18,570	)		(464,889	)		463,937
• Net change in unrealized appreciation or depreciation on investments		271,616,962			3,908			3,148		83,763			2,820,196			2,513,925
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		342,855,995			4,443			7,583		77,404			2,585,329			2,895,099
Change From Unit Transactions:
• Net unit transactions		(140,585,605	)		73,786			70,242		(10,603	)		(1,362,286	)		(1,103,884	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(140,585,605	)		73,786			70,242		(10,603	)		(1,362,286	)		(1,103,884	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		202,270,390			78,229			77,825		66,801			1,223,043			1,791,215
NET ASSETS AT DECEMBER 31, 2023	$	1,363,676,490		$	78,229		$	77,825	$	709,266		$	25,844,162		$	10,365,745

N-43

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Fidelity®​ VIP Growth Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Mid Cap Portfolio - Initial Class Subaccount			Fidelity®​ VIP Mid Cap Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Strategic Income Portfolio - Initial Class Subaccount			Fidelity®​ VIP Strategic Income Portfolio - Service Class 2 Subaccount			Fidelity®​ VIP Technology Portfolio - Initial Class Subaccount		Fidelity®​ VIP Technology Portfolio - Service Class 2 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	386,768,324		$	4,416,236		$	688,709,850		$	4,915,692		$	33,258,940		$	—	$	—
Changes From Operations:
• Net investment income (loss)		(3,574,530	)		4,323			(7,366,572	)		194,108			642,090			—		—
• Net realized gain (loss) on investments		25,324,995			229,618			39,928,663			(97,189	)		(706,857	)		—		—
• Net change in unrealized appreciation or depreciation on investments		(121,830,693	)		(939,357	)		(143,374,395	)		(786,276	)		(3,912,717	)		—		—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(100,080,228	)		(705,416	)		(110,812,304	)		(689,357	)		(3,977,484	)		—		—
Change From Unit Transactions:
• Net unit transactions		6,236,636			419,088			(41,807,415	)		1,538,109			(2,793,138	)		—		—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		6,236,636			419,088			(41,807,415	)		1,538,109			(2,793,138	)		—		—
TOTAL INCREASE (DECREASE) IN NET ASSETS		(93,843,592	)		(286,328	)		(152,619,719	)		848,752			(6,770,622	)		—		—
NET ASSETS AT DECEMBER 31, 2022		292,924,732			4,129,908			536,090,131			5,764,444			26,488,318			—		—
Changes From Operations:
• Net investment income (loss)		(4,784,407	)		5,263			(6,232,113	)		263,548			1,159,828			134		(6,925	)
• Net realized gain (loss) on investments		20,585,109			38,930			15,420,637			(136,151	)		(493,262	)		2,001		18,198
• Net change in unrealized appreciation or depreciation on investments		80,982,379			483,940			59,779,323			409,395			1,797,853			48,005		407,056
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		96,783,081			528,133			68,967,847			536,792			2,464,419			50,140		418,329
Change From Unit Transactions:
• Net unit transactions		(21,826,883	)		(518,244	)		(23,236,762	)		425,767			6,586,277			521,396		4,457,727
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(21,826,883	)		(518,244	)		(23,236,762	)		425,767			6,586,277			521,396		4,457,727
TOTAL INCREASE (DECREASE) IN NET ASSETS		74,956,198			9,889			45,731,085			962,559			9,050,696			571,536		4,876,056
NET ASSETS AT DECEMBER 31, 2023	$	367,880,930		$	4,139,797		$	581,821,216		$	6,727,003		$	35,539,014		$	571,536	$	4,876,056

See accompanying notes.
N-44

	First Trust Capital Strength Hedged Equity Portfolio - Class I Subaccount		First Trust Capital Strength Portfolio - Class I Subaccount			First Trust Capital Strength Portfolio - Class II Subaccount			First Trust Dorsey Wright Tactical Core Portfolio - Class I Subaccount			First Trust Dorsey Wright Tactical Core Portfolio - Class II Subaccount			First Trust Growth Strength Portfolio - Class I Subaccount
NET ASSETS AT JANUARY 1, 2022	$	—	$	57,129,801		$	1,230,975		$	12,453,859		$	804,937		$	—
Changes From Operations:
• Net investment income (loss)		—		(381,880	)		5,154			53,165			8,334			—
• Net realized gain (loss) on investments		—		(255,322	)		9,140			1,587,470			64,610			—
• Net change in unrealized appreciation or depreciation on investments		—		(5,775,861	)		(134,445	)		(3,938,622	)		(199,967	)		—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		—		(6,413,063	)		(120,151	)		(2,297,987	)		(127,023	)		—
Change From Unit Transactions:
• Net unit transactions		—		31,708,870			357,323			257,400			(144,399	)		—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		—		31,708,870			357,323			257,400			(144,399	)		—
TOTAL INCREASE (DECREASE) IN NET ASSETS		—		25,295,807			237,172			(2,040,587	)		(271,422	)		—
NET ASSETS AT DECEMBER 31, 2022		—		82,425,608			1,468,147			10,413,272			533,515			—
Changes From Operations:
• Net investment income (loss)		322		(229,493	)		7,739			89,734			4,488			(15,980	)
• Net realized gain (loss) on investments		1,787		(17,131	)		26,669			(227,150	)		(112,762	)		70,408
• Net change in unrealized appreciation or depreciation on investments		1,699		7,276,576			68,223			1,079,083			135,664			527,860
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,808		7,029,952			102,631			941,667			27,390			582,288
Change From Unit Transactions:
• Net unit transactions		1,716,635		22,128,594			(367,369	)		(1,486,033	)		(289,658	)		5,903,788
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,716,635		22,128,594			(367,369	)		(1,486,033	)		(289,658	)		5,903,788
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,720,443		29,158,546			(264,738	)		(544,366	)		(262,268	)		6,486,076
NET ASSETS AT DECEMBER 31, 2023	$	1,720,443	$	111,584,154		$	1,203,409		$	9,868,906		$	271,247		$	6,486,076

N-45

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	First Trust International Developed Capital Strength Portfolio - Class I Subaccount			First Trust International Developed Capital Strength Portfolio - Class II Subaccount			First Trust Multi Income Allocation Portfolio - Class I Subaccount			First Trust Multi Income Allocation Portfolio - Class II Subaccount			First Trust/ Dow Jones Dividend & Income Allocation Portfolio - Class I Subaccount			First Trust/ Dow Jones Dividend & Income Allocation Portfolio - Class II Subaccount			Franklin Allocation VIP Fund - Class 1 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	2,068,808		$	190,518		$	9,949,680		$	46,482		$	225,622,964		$	1,757,379		$	—
Changes From Operations:
• Net investment income (loss)		(2,338	)		1,654			195,399			986			(305,674	)		20,677			(36	)
• Net realized gain (loss) on investments		(117,857	)		(2,606	)		192,860			(1,587	)		24,377,484			191,513			(2,216	)
• Net change in unrealized appreciation or depreciation on investments		(388,566	)		(46,181	)		(1,268,419	)		(3,227	)		(54,563,402	)		(425,625	)		—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(508,761	)		(47,133	)		(880,160	)		(3,828	)		(30,491,592	)		(213,435	)		(2,252	)
Change From Unit Transactions:
• Net unit transactions		2,381,375			156,974			1,249,074			(19,976	)		(8,451,778	)		76,093			2,252
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		2,381,375			156,974			1,249,074			(19,976	)		(8,451,778	)		76,093			2,252
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,872,614			109,841			368,914			(23,804	)		(38,943,370	)		(137,342	)		—
NET ASSETS AT DECEMBER 31, 2022		3,941,422			300,359			10,318,594			22,678			186,679,594			1,620,037			—
Changes From Operations:
• Net investment income (loss)		(21,505	)		962			205,083			921			1,266,228			33,175			941
• Net realized gain (loss) on investments		(29,082	)		(5,521	)		256,121			685			151,541			15,949			1,152
• Net change in unrealized appreciation or depreciation on investments		973,133			53,268			199,549			872			14,076,140			114,156			—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		922,546			48,709			660,753			2,478			15,493,909			163,280			2,093
Change From Unit Transactions:
• Net unit transactions		4,741,712			15,228			(2,555,929	)		8,070			(19,291,696	)		(151,788	)		(2,093	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		4,741,712			15,228			(2,555,929	)		8,070			(19,291,696	)		(151,788	)		(2,093	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		5,664,258			63,937			(1,895,176	)		10,548			(3,797,787	)		11,492			—
NET ASSETS AT DECEMBER 31, 2023	$	9,605,680		$	364,296		$	8,423,418		$	33,226		$	182,881,807		$	1,631,529		$	—

See accompanying notes.
N-46

	Franklin Allocation VIP Fund - Class 4 Subaccount			Franklin Income VIP Fund - Class 1 Subaccount			Franklin Income VIP Fund - Class 2 Subaccount			Franklin Income VIP Fund - Class 4 Subaccount			Franklin Multi-Asset Variable Conservative Growth - Class I Subaccount			Franklin Multi-Asset Variable Conservative Growth - Class II Subaccount
NET ASSETS AT JANUARY 1, 2022	$	18,023,792		$	628,862		$	449,714,685		$	133,883,773		$	99,361		$	16,920,659
Changes From Operations:
• Net investment income (loss)		28,485			50,713			13,025,402			4,608,701			1,323			72,042
• Net realized gain (loss) on investments		1,033,630			14,402			10,816,609			3,071,550			5,477			229,796
• Net change in unrealized appreciation or depreciation on investments		(4,410,254	)		(119,155	)		(53,163,646	)		(17,581,723	)		(20,354	)		(2,969,361	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(3,348,139	)		(54,040	)		(29,321,635	)		(9,901,472	)		(13,554	)		(2,667,523	)
Change From Unit Transactions:
• Net unit transactions		2,010,486			559,290			(61,813,570	)		23,081,739			(1,666	)		(693,075	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		2,010,486			559,290			(61,813,570	)		23,081,739			(1,666	)		(693,075	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,337,653	)		505,250			(91,135,205	)		13,180,267			(15,220	)		(3,360,598	)
NET ASSETS AT DECEMBER 31, 2022		16,686,139			1,134,112			358,579,480			147,064,040			84,141			13,560,061
Changes From Operations:
• Net investment income (loss)		(6,990	)		51,771			12,648,254			5,535,800			1,505			123,961
• Net realized gain (loss) on investments		(284,025	)		45,917			18,361,773			7,454,563			(248	)		(155,044	)
• Net change in unrealized appreciation or depreciation on investments		2,640,120			(9,928	)		(7,677,175	)		(2,355,615	)		10,345			1,845,886
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,349,105			87,760			23,332,852			10,634,748			11,602			1,814,803
Change From Unit Transactions:
• Net unit transactions		3,320,427			(160,037	)		(31,362,205	)		8,252,112			(552	)		1,480,686
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		3,320,427			(160,037	)		(31,362,205	)		8,252,112			(552	)		1,480,686
TOTAL INCREASE (DECREASE) IN NET ASSETS		5,669,532			(72,277	)		(8,029,353	)		18,886,860			11,050			3,295,489
NET ASSETS AT DECEMBER 31, 2023	$	22,355,671		$	1,061,835		$	350,550,127		$	165,950,900		$	95,191		$	16,855,550

N-47

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Franklin Mutual Shares VIP Fund - Class 1 Subaccount			Franklin Mutual Shares VIP Fund - Class 2 Subaccount			Franklin Mutual Shares VIP Fund - Class 4 Subaccount			Franklin Rising Dividends VIP Fund - Class 1 Subaccount			Franklin Rising Dividends VIP Fund - Class 4 Subaccount			Franklin Small Cap Value VIP Fund - Class 1 Subaccount			Franklin Small Cap Value VIP Fund - Class 4 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	852,884		$	601,705,908		$	45,561,557		$	2,039,764		$	53,518,808		$	1,925,118		$	17,478,328
Changes From Operations:
• Net investment income (loss)		11,966			3,083,549			166,091			14,401			(137,560	)		21,578			(17,286	)
• Net realized gain (loss) on investments		80,006			58,302,180			4,270,045			256,644			6,645,607			436,252			2,742,706
• Net change in unrealized appreciation or depreciation on investments		(157,162	)		(109,903,900	)		(8,343,743	)		(505,492	)		(12,776,737	)		(649,016	)		(4,659,034	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(65,190	)		(48,518,171	)		(3,907,607	)		(234,447	)		(6,268,690	)		(191,186	)		(1,933,614	)
Change From Unit Transactions:
• Net unit transactions		(41,827	)		(82,820,897	)		(1,415,414	)		1,270,697			4,135,380			946,124			2,546,836
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(41,827	)		(82,820,897	)		(1,415,414	)		1,270,697			4,135,380			946,124			2,546,836
TOTAL INCREASE (DECREASE) IN NET ASSETS		(107,017	)		(131,339,068	)		(5,323,021	)		1,036,250			(2,133,310	)		754,938			613,222
NET ASSETS AT DECEMBER 31, 2022		745,867			470,366,840			40,238,536			3,076,014			51,385,498			2,680,056			18,091,550
Changes From Operations:
• Net investment income (loss)		11,676			2,986,252			170,304			23,866			(110,078	)		9,750			(104,112	)
• Net realized gain (loss) on investments		57,187			33,795,202			2,890,569			272,617			5,403,082			(54,610	)		560,770
• Net change in unrealized appreciation or depreciation on investments		25,890			16,802,550			1,758,800			53,681			393,104			331,059			1,871,034
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		94,753			53,584,004			4,819,673			350,164			5,686,108			286,199			2,327,692
Change From Unit Transactions:
• Net unit transactions		(31,641	)		(53,552,828	)		952,010			(100,188	)		3,064,480			(454,945	)		2,085,664
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(31,641	)		(53,552,828	)		952,010			(100,188	)		3,064,480			(454,945	)		2,085,664
TOTAL INCREASE (DECREASE) IN NET ASSETS		63,112			31,176			5,771,683			249,976			8,750,588			(168,746	)		4,413,356
NET ASSETS AT DECEMBER 31, 2023	$	808,979		$	470,398,016		$	46,010,219		$	3,325,990		$	60,136,086		$	2,511,310		$	22,504,906

See accompanying notes.
N-48

	Franklin Small-Mid Cap Growth VIP Fund - Class 1 Subaccount			Franklin Small-Mid Cap Growth VIP Fund - Class 4 Subaccount			Goldman Sachs VIT Government Money Market Fund - Institutional Shares Subaccount			Goldman Sachs VIT Government Money Market Fund - Service Shares Subaccount			Goldman Sachs VIT Large Cap Value Fund - Service Shares Subaccount			Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,706,238		$	15,743,362		$	330,087		$	16,222,063		$	142,350,491		$	2,752,056
Changes From Operations:
• Net investment income (loss)		(6,848	)		(133,138	)		8,814			83,517			75,873			77,808
• Net realized gain (loss) on investments		288,582			2,333,256			—			1			10,589,389			(6,817	)
• Net change in unrealized appreciation or depreciation on investments		(895,018	)		(7,803,180	)		—			4			(20,888,364	)		(292,425	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(613,284	)		(5,603,062	)		8,814			83,522			(10,223,102	)		(221,434	)
Change From Unit Transactions:
• Net unit transactions		239,039			775,209			599,457			3,488,446			(21,669,681	)		629,706
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		239,039			775,209			599,457			3,488,446			(21,669,681	)		629,706
TOTAL INCREASE (DECREASE) IN NET ASSETS		(374,245	)		(4,827,853	)		608,271			3,571,968			(31,892,783	)		408,272
NET ASSETS AT DECEMBER 31, 2022		1,331,993			10,915,509			938,358			19,794,031			110,457,708			3,160,328
Changes From Operations:
• Net investment income (loss)		(7,896	)		(132,823	)		42,907			741,599			546,689			187,483
• Net realized gain (loss) on investments		(47,232	)		(772,411	)		2			(3	)		8,369,696			(14,283	)
• Net change in unrealized appreciation or depreciation on investments		494,997			3,736,638			1			3			3,295,920			42,022
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		439,869			2,831,404			42,910			741,599			12,212,305			215,222
Change From Unit Transactions:
• Net unit transactions		551,761			1,407,336			(436,354	)		(3,641,555	)		(9,377,100	)		204,152
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		551,761			1,407,336			(436,354	)		(3,641,555	)		(9,377,100	)		204,152
TOTAL INCREASE (DECREASE) IN NET ASSETS		991,630			4,238,740			(393,444	)		(2,899,956	)		2,835,205			419,374
NET ASSETS AT DECEMBER 31, 2023	$	2,323,623		$	15,154,249		$	544,914		$	16,894,075		$	113,292,913		$	3,579,702

N-49

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares Subaccount			Guggenheim VT Long Short Equity Subaccount			Guggenheim VT Multi-Hedge Strategies Subaccount			Hartford Capital Appreciation HLS Fund - Class IA Subaccount			Hartford Capital Appreciation HLS Fund - Class IC Subaccount			Invesco Oppenheimer V.I. International Growth Fund - Series I Shares Subaccount			Invesco Oppenheimer V.I. International Growth Fund - Series II Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,859,385		$	6,060,083		$	8,557,830		$	106,578		$	17,526,560		$	1,835,930		$	19,096,569
Changes From Operations:
• Net investment income (loss)		54,866			(18,988	)		60,349			484			(145,081	)		(6,062	)		(157,086	)
• Net realized gain (loss) on investments		(10,683	)		15,121			128,548			11,556			1,697,911			214,941			2,105,831
• Net change in unrealized appreciation or depreciation on investments		(166,397	)		(961,831	)		(638,482	)		(28,561	)		(4,456,095	)		(717,398	)		(7,328,995	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(122,214	)		(965,698	)		(449,585	)		(16,521	)		(2,903,265	)		(508,519	)		(5,380,250	)
Change From Unit Transactions:
• Net unit transactions		(144,211	)		117,624			2,748,255			(3,826	)		(1,520,924	)		6,775			(539,292	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(144,211	)		117,624			2,748,255			(3,826	)		(1,520,924	)		6,775			(539,292	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(266,425	)		(848,074	)		2,298,670			(20,347	)		(4,424,189	)		(501,744	)		(5,919,542	)
NET ASSETS AT DECEMBER 31, 2022		1,592,960			5,212,009			10,856,500			86,231			13,102,371			1,334,186			13,177,027
Changes From Operations:
• Net investment income (loss)		102,722			(26,622	)		204,793			466			(118,256	)		2,087			(111,526	)
• Net realized gain (loss) on investments		(4,987	)		56,462			(6,347	)		1,570			3,087			(161,680	)		(536,720	)
• Net change in unrealized appreciation or depreciation on investments		18,844			597,800			143,705			14,811			2,332,285			381,503			3,163,915
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		116,579			627,640			342,151			16,847			2,217,116			221,910			2,515,669
Change From Unit Transactions:
• Net unit transactions		(67,144	)		36,742			(2,010,040	)		141			(1,611,374	)		(368,879	)		(132,290	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(67,144	)		36,742			(2,010,040	)		141			(1,611,374	)		(368,879	)		(132,290	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		49,435			664,382			(1,667,889	)		16,988			605,742			(146,969	)		2,383,379
NET ASSETS AT DECEMBER 31, 2023	$	1,642,395		$	5,876,391		$	9,188,611		$	103,219		$	13,708,113		$	1,187,217		$	15,560,406

See accompanying notes.
N-50

	Invesco V.I. American Franchise Fund - Series I Shares Subaccount			Invesco V.I. American Franchise Fund - Series II Shares Subaccount			Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares Subaccount			Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares Subaccount			Invesco V.I. Comstock Fund - Series I Shares Subaccount			Invesco V.I. Comstock Fund - Series II Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	2,890,695		$	862,512		$	1,573,971		$	12,976,823		$	471,885		$	13,265,044
Changes From Operations:
• Net investment income (loss)		(30,533	)		(10,637	)		96,284			655,107			31,561			168,825
• Net realized gain (loss) on investments		596,303			185,158			44,337			237,826			81,284			1,138,565
• Net change in unrealized appreciation or depreciation on investments		(1,457,220	)		(448,800	)		(362,277	)		(2,807,275	)		(125,262	)		(1,617,520	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(891,450	)		(274,279	)		(221,656	)		(1,914,342	)		(12,417	)		(310,130	)
Change From Unit Transactions:
• Net unit transactions		(269,078	)		(36,494	)		(89,770	)		(1,007,953	)		1,941,100			20,286,919
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(269,078	)		(36,494	)		(89,770	)		(1,007,953	)		1,941,100			20,286,919
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,160,528	)		(310,773	)		(311,426	)		(2,922,295	)		1,928,683			19,976,789
NET ASSETS AT DECEMBER 31, 2022		1,730,167			551,739			1,262,545			10,054,528			2,400,568			33,241,833
Changes From Operations:
• Net investment income (loss)		(28,424	)		(10,497	)		(2,773	)		(121,646	)		33,914			167,810
• Net realized gain (loss) on investments		50,965			6,556			(132,053	)		(362,132	)		246,041			3,304,623
• Net change in unrealized appreciation or depreciation on investments		622,277			207,904			186,591			971,591			(27,998	)		(440,157	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		644,818			203,963			51,765			487,813			251,957			3,032,276
Change From Unit Transactions:
• Net unit transactions		(267,798	)		(100,750	)		(560,537	)		(705,240	)		(274,722	)		(7,465,067	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(267,798	)		(100,750	)		(560,537	)		(705,240	)		(274,722	)		(7,465,067	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		377,020			103,213			(508,772	)		(217,427	)		(22,765	)		(4,432,791	)
NET ASSETS AT DECEMBER 31, 2023	$	2,107,187		$	654,952		$	753,773		$	9,837,101		$	2,377,803		$	28,809,042

N-51

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Invesco V.I. Core Equity Fund - Series I Shares Subaccount			Invesco V.I. Core Equity Fund - Series II Shares Subaccount			Invesco V.I. Diversified Dividend Fund - Series I Shares Subaccount			Invesco V.I. Diversified Dividend Fund - Series II Shares Subaccount			Invesco V.I. Equally- Weighted S&P 500 Fund - Series I Shares Subaccount			Invesco V.I. Equally- Weighted S&P 500 Fund - Series II Shares Subaccount			Invesco V.I. Equity and Income Fund - Series I Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	6,659,287		$	1,373,234		$	601,997		$	22,651,671		$	8,394,359		$	318,950,401		$	463,647
Changes From Operations:
• Net investment income (loss)		(30,440	)		(11,472	)		18,995			152,625			48,754			(1,987,945	)		13,348
• Net realized gain (loss) on investments		848,467			188,475			138,195			3,378,637			807,116			26,005,502			92,591
• Net change in unrealized appreciation or depreciation on investments		(2,214,486	)		(484,298	)		(170,978	)		(4,215,637	)		(1,873,680	)		(66,404,405	)		(196,190	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,396,459	)		(307,295	)		(13,788	)		(684,375	)		(1,017,810	)		(42,386,848	)		(90,251	)
Change From Unit Transactions:
• Net unit transactions		(681,345	)		5,028			596,194			2,647,206			849,650			(4,150,341	)		542,490
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(681,345	)		5,028			596,194			2,647,206			849,650			(4,150,341	)		542,490
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,077,804	)		(302,267	)		582,406			1,962,831			(168,160	)		(46,537,189	)		452,239
NET ASSETS AT DECEMBER 31, 2022		4,581,483			1,070,967			1,184,403			24,614,502			8,226,199			272,413,212			915,886
Changes From Operations:
• Net investment income (loss)		(35,541	)		(13,008	)		15,033			147,095			54,310			(929,993	)		14,493
• Net realized gain (loss) on investments		65,008			31,100			36,696			1,525,910			484,486			26,644,961			16,411
• Net change in unrealized appreciation or depreciation on investments		896,973			203,402			24,099			(53,196	)		246,804			5,860,845			57,999
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		926,440			221,494			75,828			1,619,809			785,600			31,575,813			88,903
Change From Unit Transactions:
• Net unit transactions		(570,275	)		(247,598	)		(286,418	)		(3,913,911	)		(2,788,045	)		(10,689,693	)		(92,539	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(570,275	)		(247,598	)		(286,418	)		(3,913,911	)		(2,788,045	)		(10,689,693	)		(92,539	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		356,165			(26,104	)		(210,590	)		(2,294,102	)		(2,002,445	)		20,886,120			(3,636	)
NET ASSETS AT DECEMBER 31, 2023	$	4,937,648		$	1,044,863		$	973,813		$	22,320,400		$	6,223,754		$	293,299,332		$	912,250

See accompanying notes.
N-52

	Invesco V.I. Equity and Income Fund - Series II Shares Subaccount			Invesco V.I. EQV International Equity Fund - Series I Shares Subaccount			Invesco V.I. EQV International Equity Fund - Series II Shares Subaccount			Invesco V.I. Global Fund - Series II Shares Subaccount			Invesco V.I. Main Street Small Cap Fund®​- Series I Shares Subaccount			Invesco V.I. Main Street Small Cap Fund®​- Series II Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	12,702,304		$	2,676,292		$	91,553,956		$	8,366,964		$	1,738,925		$	25,105,654
Changes From Operations:
• Net investment income (loss)		63,954			18,413			(43,653	)		(64,124	)		2,471			(189,777	)
• Net realized gain (loss) on investments		2,105,696			201,351			7,204,934			1,237,847			218,903			2,862,026
• Net change in unrealized appreciation or depreciation on investments		(3,408,223	)		(696,254	)		(25,316,244	)		(3,950,805	)		(517,819	)		(7,029,585	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,238,573	)		(476,490	)		(18,154,963	)		(2,777,082	)		(296,445	)		(4,357,336	)
Change From Unit Transactions:
• Net unit transactions		3,301,890			290,438			(743,031	)		407,002			254,069			1,213,382
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		3,301,890			290,438			(743,031	)		407,002			254,069			1,213,382
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,063,317			(186,052	)		(18,897,994	)		(2,370,080	)		(42,376	)		(3,143,954	)
NET ASSETS AT DECEMBER 31, 2022		14,765,621			2,490,240			72,655,962			5,996,884			1,696,549			21,961,700
Changes From Operations:
• Net investment income (loss)		117,835			(21,201	)		(1,102,673	)		(62,133	)		22,258			(32,434	)
• Net realized gain (loss) on investments		617,379			(78,692	)		(1,632,808	)		652,607			(17,844	)		(156,678	)
• Net change in unrealized appreciation or depreciation on investments		672,020			458,429			14,153,412			1,198,862			382,189			4,072,738
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,407,234			358,536			11,417,931			1,789,336			386,603			3,883,626
Change From Unit Transactions:
• Net unit transactions		1,543,981			(580,336	)		(4,837,244	)		(1,341,294	)		1,142,358			2,581,620
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,543,981			(580,336	)		(4,837,244	)		(1,341,294	)		1,142,358			2,581,620
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,951,215			(221,800	)		6,580,687			448,042			1,528,961			6,465,246
NET ASSETS AT DECEMBER 31, 2023	$	17,716,836		$	2,268,440		$	79,236,649		$	6,444,926		$	3,225,510		$	28,426,946

N-53

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Janus Henderson Balanced Portfolio - Service Shares Subaccount			Janus Henderson Enterprise Portfolio - Service Shares Subaccount			Janus Henderson Global Research Portfolio - Service Shares Subaccount			JPMorgan Insurance Trust Global Allocation Portfolio - Class 2 Subaccount			JPMorgan Insurance Trust Income Builder Portfolio - Class 1 Subaccount			JPMorgan Insurance Trust Income Builder Portfolio - Class 2 Subaccount			Lincoln Hedged Nasdaq-100 Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	15,970,597		$	6,154,199		$	623,350		$	5,321,740		$	469,603		$	4,990,123		$	110,407
Changes From Operations:
• Net investment income (loss)		(89,762	)		(79,846	)		(3,750	)		(3,659	)		14,747			104,909			(1,541	)
• Net realized gain (loss) on investments		933,642			1,011,494			69,179			277,802			12,268			123,189			7,780
• Net change in unrealized appreciation or depreciation on investments		(3,669,997	)		(1,988,647	)		(194,478	)		(1,271,952	)		(85,867	)		(877,493	)		(63,611	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,826,117	)		(1,056,999	)		(129,049	)		(997,809	)		(58,852	)		(649,395	)		(57,372	)
Change From Unit Transactions:
• Net unit transactions		(1,254,647	)		(420,993	)		(52,168	)		(313,466	)		(4,333	)		(424,788	)		698,779
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,254,647	)		(420,993	)		(52,168	)		(313,466	)		(4,333	)		(424,788	)		698,779
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,080,764	)		(1,477,992	)		(181,217	)		(1,311,275	)		(63,185	)		(1,074,183	)		641,407
NET ASSETS AT DECEMBER 31, 2022		11,889,833			4,676,207			442,133			4,010,465			406,418			3,915,940			751,814
Changes From Operations:
• Net investment income (loss)		13,648			(77,315	)		(4,038	)		(17,714	)		(397	)		(13,343	)		(8,228	)
• Net realized gain (loss) on investments		601,182			463,828			28,394			(48,616	)		(28,802	)		(165,916	)		135,369
• Net change in unrealized appreciation or depreciation on investments		852,156			344,295			78,538			259,839			44,784			312,334			131,571
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,466,986			730,808			102,894			193,509			15,585			133,075			258,712
Change From Unit Transactions:
• Net unit transactions		(1,929,622	)		(286,705	)		(43,763	)		(4,203,974	)		(422,003	)		(4,049,015	)		(225,878	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,929,622	)		(286,705	)		(43,763	)		(4,203,974	)		(422,003	)		(4,049,015	)		(225,878	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(462,636	)		444,103			59,131			(4,010,465	)		(406,418	)		(3,915,940	)		32,834
NET ASSETS AT DECEMBER 31, 2023	$	11,427,197		$	5,120,310		$	501,264		$	—		$	—		$	—		$	784,648

See accompanying notes.
N-54

	Lincoln Hedged Nasdaq-100 Fund 2 - Service Class Subaccount			Lincoln Hedged S&P 500 Conservative Fund - Service Class Subaccount			Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class Subaccount			Lincoln Hedged S&P 500 Fund - Service Class Subaccount			Lincoln Hedged S&P 500 Fund 2 - Service Class Subaccount			Lincoln iShares® ​Fixed Income Allocation Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	395,345		$	—		$	100,864		$	347,749		$	27,132		$	48,239
Changes From Operations:
• Net investment income (loss)		(652	)		8,528			(9,906	)		(5,285	)		(6,540	)		(185	)
• Net realized gain (loss) on investments		(142,749	)		98,173			177,372			41,362			65,142			(6,251	)
• Net change in unrealized appreciation or depreciation on investments		(45,918	)		(83,924	)		(163,095	)		(83,860	)		(65,119	)		2,213
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(189,319	)		22,777			4,371			(47,783	)		(6,517	)		(4,223	)
Change From Unit Transactions:
• Net unit transactions		167,881			3,597,411			1,366,803			823,940			1,096,579			(44,016	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		167,881			3,597,411			1,366,803			823,940			1,096,579			(44,016	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(21,438	)		3,620,188			1,371,174			776,157			1,090,062			(48,239	)
NET ASSETS AT DECEMBER 31, 2022		373,907			3,620,188			1,472,038			1,123,906			1,117,194			—
Changes From Operations:
• Net investment income (loss)		(5,373	)		(29,066	)		(19,789	)		(17,542	)		(14,011	)		—
• Net realized gain (loss) on investments		2,952			84,846			51,531			50,756			71,251			—
• Net change in unrealized appreciation or depreciation on investments		112,601			224,939			302,218			165,060			166,077			—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		110,180			280,719			333,960			198,274			223,317			—
Change From Unit Transactions:
• Net unit transactions		447,938			(1,493,851	)		1,011,767			668,185			774,295			—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		447,938			(1,493,851	)		1,011,767			668,185			774,295			—
TOTAL INCREASE (DECREASE) IN NET ASSETS		558,118			(1,213,132	)		1,345,727			866,459			997,612			—
NET ASSETS AT DECEMBER 31, 2023	$	932,025		$	2,407,056		$	2,817,765		$	1,990,365		$	2,114,806		$	—

N-55

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Lincoln iShares® ​Global Growth Allocation Fund - Standard Class Subaccount			Lincoln iShares® ​U.S. Moderate Allocation Fund - Standard Class Subaccount			Lincoln Nasdaq-100 Buffer Fund Jun - Service Class Subaccount			Lincoln Nasdaq-100 Buffer Fund Mar - Service Class Subaccount			Lincoln Opportunistic Hedged Equity Fund - Service Class Subaccount			Lincoln S&P 500 Buffer Fund Feb - Service Class Subaccount			Lincoln S&P 500 Buffer Fund May - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	586,698		$	673,528		$	25,221		$	—		$	—		$	—		$	200,650
Changes From Operations:
• Net investment income (loss)		(1,942	)		(2,385	)		(2,304	)		(521	)		—			2,879			(2,688	)
• Net realized gain (loss) on investments		41,255			86,304			20,913			607			—			56,496			74,753
• Net change in unrealized appreciation or depreciation on investments		(142,486	)		(180,922	)		(48,559	)		(21,017	)		—			(55,763	)		(95,376	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(103,173	)		(97,003	)		(29,950	)		(20,931	)		—			3,612			(23,311	)
Change From Unit Transactions:
• Net unit transactions		(483,525	)		(576,525	)		412,713			394,762			—			1,296,418			922,951
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(483,525	)		(576,525	)		412,713			394,762			—			1,296,418			922,951
TOTAL INCREASE (DECREASE) IN NET ASSETS		(586,698	)		(673,528	)		382,763			373,831			—			1,300,030			899,640
NET ASSETS AT DECEMBER 31, 2022		—			—			407,984			373,831			—			1,300,030			1,100,290
Changes From Operations:
• Net investment income (loss)		—			—			(6,368	)		(1,720	)		(12	)		(19,700	)		(14,702	)
• Net realized gain (loss) on investments		—			—			40,213			33,428			—			107,197			108,218
• Net change in unrealized appreciation or depreciation on investments		—			—			142,377			31,888			(156	)		218,909			227,276
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		—			—			176,222			63,596			(168	)		306,406			320,792
Change From Unit Transactions:
• Net unit transactions		—			—			592,243			(272,478	)		256,885			665,687			1,724,828
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		—			—			592,243			(272,478	)		256,885			665,687			1,724,828
TOTAL INCREASE (DECREASE) IN NET ASSETS		—			—			768,465			(208,882	)		256,717			972,093			2,045,620
NET ASSETS AT DECEMBER 31, 2023	$	—		$	—		$	1,176,449		$	164,949		$	256,717		$	2,272,123		$	3,145,910

See accompanying notes.
N-56

	Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class Subaccount			Lincoln S&P 500 Ultra Buffer Fund May - Service Class Subaccount			Lord Abbett Series Fund Bond Debenture Portfolio - Class VC Subaccount			Lord Abbett Series Fund Developing Growth Portfolio - Class VC Subaccount			Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC Subaccount			Lord Abbett Series Fund Short Duration Income Portfolio - Class VC Subaccount
NET ASSETS AT JANUARY 1, 2022	$	—		$	67,573		$	58,913,412		$	35,072,730		$	14,061,994		$	47,346,291
Changes From Operations:
• Net investment income (loss)		(257	)		3,493			1,369,377			(246,628	)		2,890			959,022
• Net realized gain (loss) on investments		55,291			114,394			(2,520,156	)		(2,683,395	)		1,584,434			(756,807	)
• Net change in unrealized appreciation or depreciation on investments		(48,561	)		(94,102	)		(6,873,792	)		(9,994,504	)		(3,304,782	)		(3,144,546	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		6,473			23,785			(8,024,571	)		(12,924,527	)		(1,717,458	)		(2,942,331	)
Change From Unit Transactions:
• Net unit transactions		880,056			2,263,557			(10,461,348	)		(803,724	)		(2,159,966	)		4,105,540
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		880,056			2,263,557			(10,461,348	)		(803,724	)		(2,159,966	)		4,105,540
TOTAL INCREASE (DECREASE) IN NET ASSETS		886,529			2,287,342			(18,485,919	)		(13,728,251	)		(3,877,424	)		1,163,209
NET ASSETS AT DECEMBER 31, 2022		886,529			2,354,915			40,427,493			21,344,479			10,184,570			48,509,500
Changes From Operations:
• Net investment income (loss)		(20,772	)		(29,940	)		1,690,153			(204,637	)		(40,148	)		1,706,564
• Net realized gain (loss) on investments		48,018			213,160			(1,425,342	)		(3,480,710	)		258,573			(802,278	)
• Net change in unrealized appreciation or depreciation on investments		152,951			238,299			1,914,786			4,955,406			1,081,399			1,360,298
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		180,197			421,519			2,179,597			1,270,059			1,299,824			2,264,584
Change From Unit Transactions:
• Net unit transactions		979,272			1,158,520			(683,891	)		(2,449,041	)		(1,094,911	)		(2,620,922	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		979,272			1,158,520			(683,891	)		(2,449,041	)		(1,094,911	)		(2,620,922	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,159,469			1,580,039			1,495,706			(1,178,982	)		204,913			(356,338	)
NET ASSETS AT DECEMBER 31, 2023	$	2,045,998		$	3,934,954		$	41,923,199		$	20,165,497		$	10,389,483		$	48,153,162

N-57

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP American Balanced Allocation Fund - Service Class Subaccount			LVIP American Balanced Allocation Fund - Standard Class Subaccount			LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class Subaccount			LVIP American Global Balanced Allocation Managed Risk Fund - Service Class Subaccount			LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class Subaccount			LVIP American Global Growth Allocation Managed Risk Fund - Service Class Subaccount			LVIP American Global Growth Allocation Managed Risk Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	90,599,465		$	15,084,088		$	548,777,462		$	37,760,651		$	493,048		$	94,720,926		$	479,566
Changes From Operations:
• Net investment income (loss)		499,737			202,793			761,077			124,549			5,705			(238,319	)		3,744
• Net realized gain (loss) on investments		3,534,102			668,063			49,434,217			1,857,439			23,904			4,384,279			21,833
• Net change in unrealized appreciation or depreciation on investments		(18,712,370	)		(3,266,714	)		(98,846,255	)		(8,326,524	)		(109,068	)		(22,275,740	)		(114,944	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(14,678,531	)		(2,395,858	)		(48,650,961	)		(6,344,536	)		(79,459	)		(18,129,780	)		(89,367	)
Change From Unit Transactions:
• Net unit transactions		4,969,999			730,455			(49,097,127	)		(695,115	)		(16,259	)		(5,925,183	)		(4,849	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		4,969,999			730,455			(49,097,127	)		(695,115	)		(16,259	)		(5,925,183	)		(4,849	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,708,532	)		(1,665,403	)		(97,748,088	)		(7,039,651	)		(95,718	)		(24,054,963	)		(94,216	)
NET ASSETS AT DECEMBER 31, 2022		80,890,933			13,418,685			451,029,374			30,721,000			397,330			70,665,963			385,350
Changes From Operations:
• Net investment income (loss)		1,230,562			343,401			(957,290	)		284,232			8,138			529,617			8,412
• Net realized gain (loss) on investments		15,230,862			2,897,769			33,855,378			2,595,085			41,109			11,537,351			75,402
• Net change in unrealized appreciation or depreciation on investments		(6,682,328	)		(1,495,114	)		947,521			(65,324	)		(7,227	)		(4,353,014	)		(33,145	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,779,096			1,746,056			33,845,609			2,813,993			42,020			7,713,954			50,669
Change From Unit Transactions:
• Net unit transactions		(3,000,069	)		82,345			(10,683,643	)		(3,292,918	)		(15,767	)		(9,509,696	)		(4,541	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(3,000,069	)		82,345			(10,683,643	)		(3,292,918	)		(15,767	)		(9,509,696	)		(4,541	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		6,779,027			1,828,401			23,161,966			(478,925	)		26,253			(1,795,742	)		46,128
NET ASSETS AT DECEMBER 31, 2023	$	87,669,960		$	15,247,086		$	474,191,340		$	30,242,075		$	423,583		$	68,870,221		$	431,478

See accompanying notes.
N-58

	LVIP American Global Growth Fund - Service Class II Subaccount			LVIP American Global Small Capitalization Fund - Service Class II Subaccount			LVIP American Growth Allocation Fund - Service Class Subaccount			LVIP American Growth Allocation Fund - Standard Class Subaccount			LVIP American Growth Fund - Service Class II Subaccount			LVIP American Growth- Income Fund - Service Class II Subaccount
NET ASSETS AT JANUARY 1, 2022	$	434,860,369		$	79,440,835		$	67,679,917		$	8,198,290		$	1,676,915,034		$	1,260,805,738
Changes From Operations:
• Net investment income (loss)		(3,080,798	)		1,678,913			87,204			89,773			1,189,447			9,176,096
• Net realized gain (loss) on investments		24,139,296			3,923,993			2,849,690			344,801			207,954,785			26,950,784
• Net change in unrealized appreciation or depreciation on investments		(133,149,662	)		(30,642,719	)		(14,063,318	)		(1,768,262	)		(749,423,678	)		(264,910,692	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(112,091,164	)		(25,039,813	)		(11,126,424	)		(1,333,688	)		(540,279,446	)		(228,783,812	)
Change From Unit Transactions:
• Net unit transactions		(41,323,256	)		544,823			(4,844,734	)		193,658			112,246,461			3,672,685
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(41,323,256	)		544,823			(4,844,734	)		193,658			112,246,461			3,672,685
TOTAL INCREASE (DECREASE) IN NET ASSETS		(153,414,420	)		(24,494,990	)		(15,971,158	)		(1,140,030	)		(428,032,985	)		(225,111,127	)
NET ASSETS AT DECEMBER 31, 2022		281,445,949			54,945,845			51,708,759			7,058,260			1,248,882,049			1,035,694,611
Changes From Operations:
• Net investment income (loss)		(2,993,505	)		(844,559	)		753,364			190,355			(21,492,815	)		(5,619,008	)
• Net realized gain (loss) on investments		32,302,134			13,257,840			12,620,979			1,801,630			184,683,617			104,032,598
• Net change in unrealized appreciation or depreciation on investments		25,777,883			(5,028,924	)		(6,512,821	)		(958,163	)		281,280,758			147,680,022
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		55,086,512			7,384,357			6,861,522			1,033,822			444,471,560			246,093,612
Change From Unit Transactions:
• Net unit transactions		(16,559,034	)		(5,472,307	)		11,108			560,492			(24,430,106	)		1,605,072
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(16,559,034	)		(5,472,307	)		11,108			560,492			(24,430,106	)		1,605,072
TOTAL INCREASE (DECREASE) IN NET ASSETS		38,527,478			1,912,050			6,872,630			1,594,314			420,041,454			247,698,684
NET ASSETS AT DECEMBER 31, 2023	$	319,973,427		$	56,857,895		$	58,581,389		$	8,652,574		$	1,668,923,503		$	1,283,393,295

N-59

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP American Income Allocation Fund - Standard Class Subaccount			LVIP American International Fund - Service Class II Subaccount			LVIP American Preservation Fund - Service Class Subaccount			LVIP American Preservation Fund - Standard Class Subaccount			LVIP Baron Growth Opportunities Fund - Service Class Subaccount			LVIP Baron Growth Opportunities Fund - Standard Class Subaccount			LVIP BlackRock Advantage Allocation Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	248,966		$	280,015,019		$	21,097,210		$	272,881		$	360,971,921		$	2,249,192		$	14,324,408
Changes From Operations:
• Net investment income (loss)		3,144			2,389,346			104,078			2,961			(4,260,263	)		(7,594	)		33,443
• Net realized gain (loss) on investments		(1,844	)		(1,203,350	)		(605,692	)		(1,459	)		28,871,493			184,628			(2,181,796	)
• Net change in unrealized appreciation or depreciation on investments		(35,562	)		(67,781,202	)		(1,240,484	)		(21,663	)		(122,437,801	)		(727,595	)		206,111
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(34,262	)		(66,595,206	)		(1,742,098	)		(20,161	)		(97,826,571	)		(550,561	)		(1,942,242	)
Change From Unit Transactions:
• Net unit transactions		(15,345	)		42,308,220			(1,830,141	)		(6,917	)		8,416,305			(248,536	)		(12,382,166	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(15,345	)		42,308,220			(1,830,141	)		(6,917	)		8,416,305			(248,536	)		(12,382,166	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(49,607	)		(24,286,986	)		(3,572,239	)		(27,078	)		(89,410,266	)		(799,097	)		(14,324,408	)
NET ASSETS AT DECEMBER 31, 2022		199,359			255,728,033			17,524,971			245,803			271,561,655			1,450,095			—
Changes From Operations:
• Net investment income (loss)		1,217			(1,414,183	)		303,763			6,460			(4,330,435	)		(7,620	)		—
• Net realized gain (loss) on investments		(8,590	)		31,301,671			(610,944	)		(1,192	)		10,418,871			88,963			—
• Net change in unrealized appreciation or depreciation on investments		18,641			4,559,023			686,475			2,349			37,400,284			179,453			—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		11,268			34,446,511			379,294			7,617			43,488,720			260,796			—
Change From Unit Transactions:
• Net unit transactions		(118,915	)		(13,278,273	)		(3,021,713	)		(4,800	)		(3,950,974	)		367,067			—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(118,915	)		(13,278,273	)		(3,021,713	)		(4,800	)		(3,950,974	)		367,067			—
TOTAL INCREASE (DECREASE) IN NET ASSETS		(107,647	)		21,168,238			(2,642,419	)		2,817			39,537,746			627,863			—
NET ASSETS AT DECEMBER 31, 2023	$	91,712		$	276,896,271		$	14,882,552		$	248,620		$	311,099,401		$	2,077,958		$	—

See accompanying notes.
N-60

	LVIP BlackRock Advantage Allocation Fund - Standard Class Subaccount			LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class Subaccount			LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class Subaccount			LVIP BlackRock Global Allocation Fund - Service Class Subaccount			LVIP BlackRock Global Allocation Fund - Standard Class Subaccount			LVIP BlackRock Global Allocation Managed Risk Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	537,241		$	1,507,964,616		$	384,792		$	—		$	—		$	867,936,685
Changes From Operations:
• Net investment income (loss)		4,293			6,689,298			5,914			(6,057,917	)		7,831			5,974,671
• Net realized gain (loss) on investments		(56,442	)		168,257,322			45,995			18,301,098			183,995			1,443,975
• Net change in unrealized appreciation or depreciation on investments		(15,752	)		(231,858,900	)		(60,306	)		(65,689,924	)		(564,431	)		(172,402,032	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(67,901	)		(56,912,280	)		(8,397	)		(53,446,743	)		(372,605	)		(164,983,386	)
Change From Unit Transactions:
• Net unit transactions		(469,340	)		(117,450,391	)		(51,967	)		883,233,772			7,421,801			(59,243,124	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(469,340	)		(117,450,391	)		(51,967	)		883,233,772			7,421,801			(59,243,124	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(537,241	)		(174,362,671	)		(60,364	)		829,787,029			7,049,196			(224,226,510	)
NET ASSETS AT DECEMBER 31, 2022		—			1,333,601,945			324,428			829,787,029			7,049,196			643,710,175
Changes From Operations:
• Net investment income (loss)		—			11,421,571			6,812			6,991,254			178,596			3,998,999
• Net realized gain (loss) on investments		—			106,040,614			24,614			(3,749,150	)		(32,958	)		(1,970,022	)
• Net change in unrealized appreciation or depreciation on investments		—			(21,179,346	)		(3,912	)		86,268,255			774,358			54,099,315
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		—			96,282,839			27,514			89,510,359			919,996			56,128,292
Change From Unit Transactions:
• Net unit transactions		—			(70,955,123	)		(20,577	)		(94,562,326	)		(48,022	)		(75,438,743	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		—			(70,955,123	)		(20,577	)		(94,562,326	)		(48,022	)		(75,438,743	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		—			25,327,716			6,937			(5,051,967	)		871,974			(19,310,451	)
NET ASSETS AT DECEMBER 31, 2023	$	—		$	1,358,929,661		$	331,365		$	824,735,062		$	7,921,170		$	624,399,724

N-61

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class Subaccount			LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class Subaccount			LVIP BlackRock Inflation Protected Bond Fund - Service Class Subaccount			LVIP BlackRock Inflation Protected Bond Fund - Standard Class Subaccount			LVIP BlackRock Real Estate Fund - Service Class Subaccount			LVIP BlackRock Real Estate Fund - Standard Class Subaccount			LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	74,358		$	461,645,617		$	889,724,191		$	14,422,156		$	102,574,460		$	2,977,667		$	624,692,021
Changes From Operations:
• Net investment income (loss)		832			(1,205,097	)		62,327,695			1,363,688			(137,854	)		30,802			(2,348,555	)
• Net realized gain (loss) on investments		(22	)		13,844,883			(8,534,047	)		(374,572	)		620,896			38,056			18,230,828
• Net change in unrealized appreciation or depreciation on investments		(14,906	)		(94,691,899	)		(110,530,073	)		(1,874,317	)		(30,478,593	)		(864,942	)		(127,526,857	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(14,096	)		(82,052,113	)		(56,736,425	)		(885,201	)		(29,995,551	)		(796,084	)		(111,644,584	)
Change From Unit Transactions:
• Net unit transactions		(2,659	)		(21,758,952	)		(21,922,471	)		1,195,321			(897,250	)		14,241			(13,566,999	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(2,659	)		(21,758,952	)		(21,922,471	)		1,195,321			(897,250	)		14,241			(13,566,999	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(16,755	)		(103,811,065	)		(78,658,896	)		310,120			(30,892,801	)		(781,843	)		(125,211,583	)
NET ASSETS AT DECEMBER 31, 2022		57,603			357,834,552			811,065,295			14,732,276			71,681,659			2,195,824			499,480,438
Changes From Operations:
• Net investment income (loss)		713			1,239,899			4,221,744			196,158			809,721			56,501			515,307
• Net realized gain (loss) on investments		(158	)		(1,289,756	)		(18,727,828	)		(734,119	)		(3,443,477	)		(153,430	)		(872,978	)
• Net change in unrealized appreciation or depreciation on investments		5,079			32,950,522			39,142,147			1,073,731			10,132,237			362,482			50,351,717
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		5,634			32,900,665			24,636,063			535,770			7,498,481			265,553			49,994,046
Change From Unit Transactions:
• Net unit transactions		(1,665	)		(25,722,082	)		(70,763,091	)		(4,622,286	)		(6,303,979	)		(102,987	)		(20,702,654	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,665	)		(25,722,082	)		(70,763,091	)		(4,622,286	)		(6,303,979	)		(102,987	)		(20,702,654	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,969			7,178,583			(46,127,028	)		(4,086,516	)		1,194,502			162,566			29,291,392
NET ASSETS AT DECEMBER 31, 2023	$	61,572		$	365,013,135		$	764,938,267		$	10,645,760		$	72,876,161		$	2,358,390		$	528,771,830

See accompanying notes.
N-62

	LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class Subaccount			LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class Subaccount			LVIP Blended Mid Cap Managed Volatility Fund - Service Class Subaccount			LVIP Blended Mid Cap Managed Volatility Fund - Standard Class Subaccount			LVIP Channing Small Cap Value Fund - Service Class Subaccount			LVIP Channing Small Cap Value Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,408,308,301		$	2,567,107		$	883,765,891		$	163,159		$	—		$	—
Changes From Operations:
• Net investment income (loss)		(17,660,610	)		(45,781	)		(11,283,848	)		(1,146	)		(24	)		(19	)
• Net realized gain (loss) on investments		175,198,728			368,610			77,678,889			13,680			(4	)		(3,089	)
• Net change in unrealized appreciation or depreciation on investments		(558,596,749	)		(1,068,530	)		(291,582,722	)		(51,907	)		(5,526	)		34
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(401,058,631	)		(745,701	)		(225,187,681	)		(39,373	)		(5,554	)		(3,074	)
Change From Unit Transactions:
• Net unit transactions		57,930,123			45,790			18,120,900			(5,907	)		287,203			6,829
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		57,930,123			45,790			18,120,900			(5,907	)		287,203			6,829
TOTAL INCREASE (DECREASE) IN NET ASSETS		(343,128,508	)		(699,911	)		(207,066,781	)		(45,280	)		281,649			3,755
NET ASSETS AT DECEMBER 31, 2022		1,065,179,793			1,867,196			676,699,110			117,879			281,649			3,755
Changes From Operations:
• Net investment income (loss)		(15,959,675	)		(36,636	)		(10,429,794	)		(748	)		6,458			3,047
• Net realized gain (loss) on investments		11,387,176			59,727			15,656,122			2,747			9,829			846
• Net change in unrealized appreciation or depreciation on investments		327,496,002			514,745			97,157,153			17,070			503,163			58,022
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		322,923,503			537,836			102,383,481			19,069			519,450			61,915
Change From Unit Transactions:
• Net unit transactions		(132,266,616	)		(323,199	)		(57,334,510	)		(7,154	)		5,378,236			558,803
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(132,266,616	)		(323,199	)		(57,334,510	)		(7,154	)		5,378,236			558,803
TOTAL INCREASE (DECREASE) IN NET ASSETS		190,656,887			214,637			45,048,971			11,915			5,897,686			620,718
NET ASSETS AT DECEMBER 31, 2023	$	1,255,836,680		$	2,081,833		$	721,748,081		$	129,794		$	6,179,335		$	624,473

N-63

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class Subaccount			LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class Subaccount			LVIP Delaware Bond Fund - Service Class Subaccount			LVIP Delaware Bond Fund - Standard Class Subaccount			LVIP Delaware Diversified Floating Rate Fund - Service Class Subaccount			LVIP Delaware Diversified Floating Rate Fund - Standard Class Subaccount			LVIP Delaware Diversified Income Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	577,910,713		$	84,214		$	4,533,268,383		$	65,486,600		$	745,053,580		$	3,432,185		$	2,249,035,437
Changes From Operations:
• Net investment income (loss)		(4,967,936	)		(30	)		51,834,663			823,291			3,127,435			112,581			25,692,306
• Net realized gain (loss) on investments		55,099,924			7,578			(62,939,104	)		(1,524,232	)		(4,644,018	)		(27,861	)		(33,587,245	)
• Net change in unrealized appreciation or depreciation on investments		(158,133,012	)		(22,882	)		(664,164,981	)		(8,774,816	)		(11,785,232	)		(85,184	)		(329,262,666	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(108,001,024	)		(15,334	)		(675,269,422	)		(9,475,757	)		(13,301,815	)		(464	)		(337,157,605	)
Change From Unit Transactions:
• Net unit transactions		(32,023,035	)		12			(258,813,210	)		(4,622,046	)		(54,563,070	)		4,273,598			(190,140,457	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(32,023,035	)		12			(258,813,210	)		(4,622,046	)		(54,563,070	)		4,273,598			(190,140,457	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(140,024,059	)		(15,322	)		(934,082,632	)		(14,097,803	)		(67,864,885	)		4,273,134			(527,298,062	)
NET ASSETS AT DECEMBER 31, 2022		437,886,654			68,892			3,599,185,751			51,388,797			677,188,695			7,705,319			1,721,737,375
Changes From Operations:
• Net investment income (loss)		(3,825,390	)		93			53,287,602			732,782			21,464,002			217,235			38,377,446
• Net realized gain (loss) on investments		33,881,279			5,098			(51,786,281	)		(1,444,544	)		(1,488,690	)		55,974			(30,970,612	)
• Net change in unrealized appreciation or depreciation on investments		51,864,317			8,995			145,246,970			2,700,849			3,550,799			40,071			65,191,235
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		81,920,206			14,186			146,748,291			1,989,087			23,526,111			313,280			72,598,069
Change From Unit Transactions:
• Net unit transactions		(69,151,839	)		(7,370	)		45,382,650			(4,934,339	)		(48,363,007	)		(3,000,900	)		(25,280,386	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(69,151,839	)		(7,370	)		45,382,650			(4,934,339	)		(48,363,007	)		(3,000,900	)		(25,280,386	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		12,768,367			6,816			192,130,941			(2,945,252	)		(24,836,896	)		(2,687,620	)		47,317,683
NET ASSETS AT DECEMBER 31, 2023	$	450,655,021		$	75,708		$	3,791,316,692		$	48,443,545		$	652,351,799		$	5,017,699		$	1,769,055,058

See accompanying notes.
N-64

	LVIP Delaware Diversified Income Fund - Standard Class Subaccount			LVIP Delaware High Yield Fund - Service Class Subaccount			LVIP Delaware High Yield Fund - Standard Class Subaccount			LVIP Delaware Limited-Term Diversified Income Fund - Service Class Subaccount			LVIP Delaware Limited-Term Diversified Income Fund - Standard Class Subaccount			LVIP Delaware Mid Cap Value Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	20,061,189		$	95,615,202		$	2,184,224		$	1,173,430,305		$	4,617,031		$	147,022,374
Changes From Operations:
• Net investment income (loss)		467,889			3,070,285			82,381			7,584,333			53,116			(434,447	)
• Net realized gain (loss) on investments		(292,359	)		(3,182,104	)		(271,661	)		(11,144,037	)		(66,274	)		7,920,993
• Net change in unrealized appreciation or depreciation on investments		(3,009,396	)		(12,062,178	)		(208,329	)		(60,470,838	)		(174,037	)		(23,160,319	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,833,866	)		(12,173,997	)		(397,609	)		(64,030,542	)		(187,195	)		(15,673,773	)
Change From Unit Transactions:
• Net unit transactions		(776,677	)		(11,765,252	)		(104,249	)		(157,535,297	)		(1,306,828	)		5,538,428
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(776,677	)		(11,765,252	)		(104,249	)		(157,535,297	)		(1,306,828	)		5,538,428
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,610,543	)		(23,939,249	)		(501,858	)		(221,565,839	)		(1,494,023	)		(10,135,345	)
NET ASSETS AT DECEMBER 31, 2022		16,450,646			71,675,953			1,682,366			951,864,466			3,123,008			136,887,029
Changes From Operations:
• Net investment income (loss)		628,631			3,506,436			125,061			16,878,696			93,471			(254,829	)
• Net realized gain (loss) on investments		(303,233	)		(2,563,736	)		(36,163	)		(8,204,093	)		(48,698	)		12,198,019
• Net change in unrealized appreciation or depreciation on investments		650,774			6,360,920			126,565			20,995,981			91,780			666,093
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		976,172			7,303,620			215,463			29,670,584			136,553			12,609,283
Change From Unit Transactions:
• Net unit transactions		1,137,012			(1,927,794	)		380,583			(68,200,830	)		276,354			(2,521,138	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,137,012			(1,927,794	)		380,583			(68,200,830	)		276,354			(2,521,138	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,113,184			5,375,826			596,046			(38,530,246	)		412,907			10,088,145
NET ASSETS AT DECEMBER 31, 2023	$	18,563,830		$	77,051,779		$	2,278,412		$	913,334,220		$	3,535,915		$	146,975,174

N-65

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP Delaware Mid Cap Value Fund - Standard Class Subaccount			LVIP Delaware SMID Cap Core Fund - Service Class Subaccount			LVIP Delaware SMID Cap Core Fund - Standard Class Subaccount			LVIP Delaware Social Awareness Fund - Service Class Subaccount			LVIP Delaware Social Awareness Fund - Standard Class Subaccount			LVIP Delaware U.S. Growth Fund - Service Class Subaccount			LVIP Delaware U.S. Growth Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	333,317		$	189,241,032		$	6,978,063		$	85,559,839		$	7,742,423		$	365,135,633		$	431,395
Changes From Operations:
• Net investment income (loss)		20,811			(2,149,271	)		(53,115	)		(526,816	)		(26,874	)		(3,368,070	)		(787	)
• Net realized gain (loss) on investments		40,803			4,653,482			218,556			8,822,498			861,510			54,221,876			20,167
• Net change in unrealized appreciation or depreciation on investments		(144,872	)		(30,616,251	)		(1,181,707	)		(26,091,798	)		(2,439,902	)		(154,664,633	)		(81,934	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(83,258	)		(28,112,040	)		(1,016,266	)		(17,796,116	)		(1,605,266	)		(103,810,827	)		(62,554	)
Change From Unit Transactions:
• Net unit transactions		1,410,070			(18,454,601	)		(963,759	)		(4,385,772	)		(333,348	)		(7,017,933	)		(229,235	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,410,070			(18,454,601	)		(963,759	)		(4,385,772	)		(333,348	)		(7,017,933	)		(229,235	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,326,812			(46,566,641	)		(1,980,025	)		(22,181,888	)		(1,938,614	)		(110,828,760	)		(291,789	)
NET ASSETS AT DECEMBER 31, 2022		1,660,129			142,674,391			4,998,038			63,377,951			5,803,809			254,306,873			139,606
Changes From Operations:
• Net investment income (loss)		14,052			(859,779	)		(9,124	)		(588,403	)		(31,786	)		(3,359,534	)		(952	)
• Net realized gain (loss) on investments		44,379			7,815,401			298,807			6,017,887			584,218			(8,618,717	)		(2,180	)
• Net change in unrealized appreciation or depreciation on investments		58,345			13,245,102			421,452			11,447,167			1,073,614			120,330,832			104,999
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		116,776			20,200,724			711,135			16,876,651			1,626,046			108,352,581			101,867
Change From Unit Transactions:
• Net unit transactions		(443,039	)		(5,055,076	)		(365,144	)		(5,776,655	)		(317,838	)		(51,139,391	)		258,762
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(443,039	)		(5,055,076	)		(365,144	)		(5,776,655	)		(317,838	)		(51,139,391	)		258,762
TOTAL INCREASE (DECREASE) IN NET ASSETS		(326,263	)		15,145,648			345,991			11,099,996			1,308,208			57,213,190			360,629
NET ASSETS AT DECEMBER 31, 2023	$	1,333,866		$	157,820,039		$	5,344,029		$	74,477,947		$	7,112,017		$	311,520,063		$	500,235

See accompanying notes.
N-66

	LVIP Delaware U.S. REIT Fund - Service Class Subaccount			LVIP Delaware U.S. REIT Fund - Standard Class Subaccount			LVIP Delaware Value Fund - Service Class Subaccount			LVIP Delaware Value Fund - Standard Class Subaccount			LVIP Delaware Wealth Builder Fund - Service Class Subaccount			LVIP Delaware Wealth Builder Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	157,555,517		$	6,574,384		$	319,470,427		$	6,861,613		$	18,539,890		$	3,295,952
Changes From Operations:
• Net investment income (loss)		1,569,174			104,803			(535,241	)		13,811			56,092			11,773
• Net realized gain (loss) on investments		2,241,649			87,818			23,254,289			431,445			458,866			79,380
• Net change in unrealized appreciation or depreciation on investments		(43,819,387	)		(1,731,504	)		(39,160,548	)		(758,310	)		(2,830,566	)		(509,179	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(40,008,564	)		(1,538,883	)		(16,441,500	)		(313,054	)		(2,315,608	)		(418,026	)
Change From Unit Transactions:
• Net unit transactions		(11,777,092	)		(1,065,925	)		(34,713,950	)		(1,191,634	)		(657,893	)		(258,941	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(11,777,092	)		(1,065,925	)		(34,713,950	)		(1,191,634	)		(657,893	)		(258,941	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(51,785,656	)		(2,604,808	)		(51,155,450	)		(1,504,688	)		(2,973,501	)		(676,967	)
NET ASSETS AT DECEMBER 31, 2022		105,769,861			3,969,576			268,314,977			5,356,925			15,566,389			2,618,985
Changes From Operations:
• Net investment income (loss)		1,611,516			104,441			(538,395	)		4,865			140,811			23,743
• Net realized gain (loss) on investments		(1,040,698	)		(69,257	)		8,357,321			104,878			(496,085	)		(100,854	)
• Net change in unrealized appreciation or depreciation on investments		10,172,490			400,895			(4,486,481	)		(42,262	)		1,544,260			268,415
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		10,743,308			436,079			3,332,445			67,481			1,188,986			191,304
Change From Unit Transactions:
• Net unit transactions		(7,246,667	)		(146,543	)		(22,174,788	)		(903,650	)		(932,984	)		(328,233	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(7,246,667	)		(146,543	)		(22,174,788	)		(903,650	)		(932,984	)		(328,233	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,496,641			289,536			(18,842,343	)		(836,169	)		256,002			(136,929	)
NET ASSETS AT DECEMBER 31, 2023	$	109,266,502		$	4,259,112		$	249,472,634		$	4,520,756		$	15,822,391		$	2,482,056

N-67

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP Dimensional International Core Equity Fund - Service Class Subaccount			LVIP Dimensional International Core Equity Fund - Standard Class Subaccount			LVIP Dimensional International Equity Managed Volatility Fund - Service Class Subaccount			LVIP Dimensional International Equity Managed Volatility Fund - Standard Class Subaccount			LVIP Dimensional U.S. Core Equity 1 Fund - Service Class Subaccount			LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class Subaccount			LVIP Dimensional U.S. Core Equity 2 Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	132,000,228		$	19,077,639		$	600,368,749		$	2,505,371		$	262,507,566		$	26,207,912		$	154,664,098
Changes From Operations:
• Net investment income (loss)		2,616,534			487,252			7,069,687			57,755			(1,093,122	)		166,347			(599,377	)
• Net realized gain (loss) on investments		708,502			(64,868	)		(806,005	)		10,180			16,177,119			1,576,585			10,384,962
• Net change in unrealized appreciation or depreciation on investments		(21,173,092	)		(3,028,970	)		(79,876,309	)		(321,942	)		(59,167,879	)		(5,831,311	)		(33,951,933	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(17,848,056	)		(2,606,586	)		(73,612,627	)		(254,007	)		(44,083,882	)		(4,088,379	)		(24,166,348	)
Change From Unit Transactions:
• Net unit transactions		29,504,350			195,970			(36,036,371	)		(101,489	)		967,832			(1,052,469	)		12,086,442
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		29,504,350			195,970			(36,036,371	)		(101,489	)		967,832			(1,052,469	)		12,086,442
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,656,294			(2,410,616	)		(109,648,998	)		(355,496	)		(43,116,050	)		(5,140,848	)		(12,079,906	)
NET ASSETS AT DECEMBER 31, 2022		143,656,522			16,667,023			490,719,751			2,149,875			219,391,516			21,067,064			142,584,192
Changes From Operations:
• Net investment income (loss)		1,929,964			452,767			8,425,127			65,925			(979,767	)		193,304			(654,009	)
• Net realized gain (loss) on investments		1,325,622			167,989			1,529,914			30,078			15,303,974			1,475,055			8,641,302
• Net change in unrealized appreciation or depreciation on investments		16,439,516			1,947,843			58,274,632			249,011			31,423,541			3,120,301			20,730,175
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		19,695,102			2,568,599			68,229,673			345,014			45,747,748			4,788,660			28,717,468
Change From Unit Transactions:
• Net unit transactions		(4,483,937	)		192,564			(47,903,913	)		(123,798	)		3,863,325			387,838			8,372,119
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(4,483,937	)		192,564			(47,903,913	)		(123,798	)		3,863,325			387,838			8,372,119
TOTAL INCREASE (DECREASE) IN NET ASSETS		15,211,165			2,761,163			20,325,760			221,216			49,611,073			5,176,498			37,089,587
NET ASSETS AT DECEMBER 31, 2023	$	158,867,687		$	19,428,186		$	511,045,511		$	2,371,091		$	269,002,589		$	26,243,562		$	179,673,779

See accompanying notes.
N-68

	LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class Subaccount			LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class Subaccount			LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class Subaccount			LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class Subaccount			LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class Subaccount			LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	18,085,717		$	1,010,379,079		$	5,329,085		$	549,779,014		$	147,275		$	995,119,924
Changes From Operations:
• Net investment income (loss)		138,506			(6,294,144	)		24,054			(4,451,234	)		(126	)		(2,276,871	)
• Net realized gain (loss) on investments		1,279,368			60,960,822			272,412			75,279,296			19,009			58,264,157
• Net change in unrealized appreciation or depreciation on investments		(4,070,255	)		(215,577,383	)		(1,146,006	)		(181,797,412	)		(49,565	)		(188,814,284	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,652,381	)		(160,910,705	)		(849,540	)		(110,969,350	)		(30,682	)		(132,826,998	)
Change From Unit Transactions:
• Net unit transactions		1,769,524			(56,394,979	)		49,254			(27,121,495	)		(47,537	)		(65,087,266	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,769,524			(56,394,979	)		49,254			(27,121,495	)		(47,537	)		(65,087,266	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(882,857	)		(217,305,684	)		(800,286	)		(138,090,845	)		(78,219	)		(197,914,264	)
NET ASSETS AT DECEMBER 31, 2022		17,202,860			793,073,395			4,528,799			411,688,169			69,056			797,205,660
Changes From Operations:
• Net investment income (loss)		146,862			(4,841,105	)		40,150			(3,986,877	)		61			(1,657,828	)
• Net realized gain (loss) on investments		1,085,669			125,937,798			705,131			27,875,224			4,884			56,384,330
• Net change in unrealized appreciation or depreciation on investments		2,463,250			31,346,348			292,057			64,894,539			10,748			59,148,830
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,695,781			152,443,041			1,037,338			88,782,886			15,693			113,875,332
Change From Unit Transactions:
• Net unit transactions		408,442			(71,689,266	)		578,663			(49,185,826	)		(8,902	)		(92,305,573	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		408,442			(71,689,266	)		578,663			(49,185,826	)		(8,902	)		(92,305,573	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		4,104,223			80,753,775			1,616,001			39,597,060			6,791			21,569,759
NET ASSETS AT DECEMBER 31, 2023	$	21,307,083		$	873,827,170		$	6,144,800		$	451,285,229		$	75,847		$	818,775,419

N-69

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class Subaccount		LVIP Franklin Templeton Multi-Asset Opportunities Fund - Service Class Subaccount			LVIP Franklin Templeton Multi-Asset Opportunities Fund - Standard Class Subaccount			LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class Subaccount			LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class Subaccount			LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class Subaccount			LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	—	$	25,259,924		$	128,371		$	154,248,867		$	4,950,196		$	136,170,553		$	1,055,762
Changes From Operations:
• Net investment income (loss)		—		43,463			748			10,824,467			420,281			7,045,635			84,073
• Net realized gain (loss) on investments		—		(1,416,472	)		(5,174	)		(4,085,616	)		(144,625	)		(970,539	)		(27,703	)
• Net change in unrealized appreciation or depreciation on investments		—		(2,731,074	)		(14,830	)		(26,458,583	)		(834,313	)		(17,331,705	)		(164,629	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		—		(4,104,083	)		(19,256	)		(19,719,732	)		(558,657	)		(11,256,609	)		(108,259	)
Change From Unit Transactions:
• Net unit transactions		—		(21,155,841	)		(109,115	)		(12,095,125	)		(246,057	)		(8,117,401	)		245,018
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		—		(21,155,841	)		(109,115	)		(12,095,125	)		(246,057	)		(8,117,401	)		245,018
TOTAL INCREASE (DECREASE) IN NET ASSETS		—		(25,259,924	)		(128,371	)		(31,814,857	)		(804,714	)		(19,374,010	)		136,759
NET ASSETS AT DECEMBER 31, 2022		—		—			—			122,434,010			4,145,482			116,796,543			1,192,521
Changes From Operations:
• Net investment income (loss)		162		—			—			1,520,392			109,714			2,586,522			68,742
• Net realized gain (loss) on investments		511		—			—			(4,523,203	)		(171,907	)		(782,645	)		(16,321	)
• Net change in unrealized appreciation or depreciation on investments		341		—			—			12,229,374			439,350			16,030,306			235,244
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,014		—			—			9,226,563			377,157			17,834,183			287,665
Change From Unit Transactions:
• Net unit transactions		11,120		—			—			(15,365,944	)		(455,357	)		(18,321,391	)		444,304
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		11,120		—			—			(15,365,944	)		(455,357	)		(18,321,391	)		444,304
TOTAL INCREASE (DECREASE) IN NET ASSETS		12,134		—			—			(6,139,381	)		(78,200	)		(487,208	)		731,969
NET ASSETS AT DECEMBER 31, 2023	$	12,134	$	—		$	—		$	116,294,629		$	4,067,282		$	116,309,335		$	1,924,490

See accompanying notes.
N-70

	LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class Subaccount			LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class Subaccount			LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class Subaccount			LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class Subaccount			LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class Subaccount			LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	374,015,414		$	9,467,670		$	203,431,901		$	10,616,621		$	233,889,651		$	3,627,644
Changes From Operations:
• Net investment income (loss)		2,907,241			181,754			2,937,841			269,271			2,056,609			43,424
• Net realized gain (loss) on investments		23,412,314			370,034			3,701,461			(65,867	)		2,060,115			21,899
• Net change in unrealized appreciation or depreciation on investments		(68,462,682	)		(1,512,156	)		(34,244,829	)		(1,489,424	)		(53,913,783	)		(760,649	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(42,143,127	)		(960,368	)		(27,605,527	)		(1,286,020	)		(49,797,059	)		(695,326	)
Change From Unit Transactions:
• Net unit transactions		(37,003,238	)		(661,944	)		(14,347,179	)		(223,261	)		14,827,135			(503,322	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(37,003,238	)		(661,944	)		(14,347,179	)		(223,261	)		14,827,135			(503,322	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(79,146,365	)		(1,622,312	)		(41,952,706	)		(1,509,281	)		(34,969,924	)		(1,198,648	)
NET ASSETS AT DECEMBER 31, 2022		294,869,049			7,845,358			161,479,195			9,107,340			198,919,727			2,428,996
Changes From Operations:
• Net investment income (loss)		(840,971	)		46,860			(172,161	)		67,692			1,246,801			28,103
• Net realized gain (loss) on investments		29,006,099			247,261			4,250,812			(140,867	)		(1,419,092	)		(22,688	)
• Net change in unrealized appreciation or depreciation on investments		13,899,741			682,739			17,473,360			1,049,276			26,915,333			305,439
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		42,064,869			976,860			21,552,011			976,101			26,743,042			310,854
Change From Unit Transactions:
• Net unit transactions		(38,778,648	)		(2,930,334	)		(8,663,426	)		(2,171,802	)		23,489,297			(182,347	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(38,778,648	)		(2,930,334	)		(8,663,426	)		(2,171,802	)		23,489,297			(182,347	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,286,221			(1,953,474	)		12,888,585			(1,195,701	)		50,232,339			128,507
NET ASSETS AT DECEMBER 31, 2023	$	298,155,270		$	5,891,884		$	174,367,780		$	7,911,639		$	249,152,066		$	2,557,503

N-71

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP Global Conservative Allocation Managed Risk Fund - Service Class Subaccount			LVIP Global Conservative Allocation Managed Risk Fund - Standard Class Subaccount			LVIP Global Growth Allocation Managed Risk Fund - Service Class Subaccount			LVIP Global Growth Allocation Managed Risk Fund - Standard Class Subaccount			LVIP Global Moderate Allocation Managed Risk Fund - Service Class Subaccount			LVIP Global Moderate Allocation Managed Risk Fund - Standard Class Subaccount			LVIP Government Money Market Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	948,095,413		$	1,724,088		$	7,368,400,659		$	12,363,531		$	5,918,395,241		$	5,765,668		$	447,908,169
Changes From Operations:
• Net investment income (loss)		5,030,587			41,435			43,962,415			174,392			43,449,043			94,408			(793,567	)
• Net realized gain (loss) on investments		47,796,963			97,195			513,265,820			711,232			375,533,590			289,937			(1,364	)
• Net change in unrealized appreciation or depreciation on investments		(209,086,736	)		(420,619	)		(1,993,744,710	)		(3,154,913	)		(1,498,874,639	)		(1,358,594	)		1,870
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(156,259,186	)		(281,989	)		(1,436,516,475	)		(2,269,289	)		(1,079,892,006	)		(974,249	)		(793,061	)
Change From Unit Transactions:
• Net unit transactions		(87,560,861	)		331,548			(585,437,763	)		(830,681	)		(469,989,930	)		(358,435	)		172,139,508
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(87,560,861	)		331,548			(585,437,763	)		(830,681	)		(469,989,930	)		(358,435	)		172,139,508
TOTAL INCREASE (DECREASE) IN NET ASSETS		(243,820,047	)		49,559			(2,021,954,238	)		(3,099,970	)		(1,549,881,936	)		(1,332,684	)		171,346,447
NET ASSETS AT DECEMBER 31, 2022		704,275,366			1,773,647			5,346,446,421			9,263,561			4,368,513,305			4,432,984			619,254,616
Changes From Operations:
• Net investment income (loss)		78,168			31,808			10,362,831			120,050			9,341,627			42,640			20,838,210
• Net realized gain (loss) on investments		(355,439	)		41,196			(82,301,249	)		(180,548	)		(66,540,191	)		(450,113	)		(311	)
• Net change in unrealized appreciation or depreciation on investments		49,733,302			97,845			641,416,322			1,172,778			463,582,838			743,917			310
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		49,456,031			170,849			569,477,904			1,112,280			406,384,274			336,444			20,838,209
Change From Unit Transactions:
• Net unit transactions		(90,199,222	)		214,763			(629,676,859	)		37,674			(492,213,912	)		(1,130,929	)		63,381,051
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(90,199,222	)		214,763			(629,676,859	)		37,674			(492,213,912	)		(1,130,929	)		63,381,051
TOTAL INCREASE (DECREASE) IN NET ASSETS		(40,743,191	)		385,612			(60,198,955	)		1,149,954			(85,829,638	)		(794,485	)		84,219,260
NET ASSETS AT DECEMBER 31, 2023	$	663,532,175		$	2,159,259		$	5,286,247,466		$	10,413,515		$	4,282,683,667		$	3,638,499		$	703,473,876

See accompanying notes.
N-72

	LVIP Government Money Market Fund - Standard Class Subaccount			LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class Subaccount			LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class Subaccount			LVIP JPMorgan Core Bond Fund - Service Class Subaccount			LVIP JPMorgan Core Bond Fund - Standard Class Subaccount			LVIP JPMorgan High Yield Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	36,980,050		$	481,871,173		$	96,548		$	220,288,614		$	7,859,354		$	236,135,827
Changes From Operations:
• Net investment income (loss)		118,380			(455,879	)		611			419,138			104,765			7,498,896
• Net realized gain (loss) on investments		(47	)		46,155,677			9,335			(2,117,963	)		(119,319	)		(5,058,188	)
• Net change in unrealized appreciation or depreciation on investments		82			(86,574,748	)		(17,210	)		(29,014,700	)		(977,253	)		(29,051,021	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		118,415			(40,874,950	)		(7,264	)		(30,713,525	)		(991,807	)		(26,610,313	)
Change From Unit Transactions:
• Net unit transactions		10,502,855			(37,610,913	)		(10,515	)		6,862,295			(454,253	)		(28,370,996	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		10,502,855			(37,610,913	)		(10,515	)		6,862,295			(454,253	)		(28,370,996	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		10,621,270			(78,485,863	)		(17,779	)		(23,851,230	)		(1,446,060	)		(54,981,309	)
NET ASSETS AT DECEMBER 31, 2022		47,601,320			403,385,310			78,769			196,437,384			6,413,294			181,154,518
Changes From Operations:
• Net investment income (loss)		1,726,857			566,240			909			4,504,303			259,287			5,756,289
• Net realized gain (loss) on investments		(11	)		23,937,847			4,332			(2,694,260	)		(216,593	)		(4,035,689	)
• Net change in unrealized appreciation or depreciation on investments		11			13,303,716			3,430			8,429,978			400,218			15,287,419
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,726,857			37,807,803			8,671			10,240,021			442,912			17,008,019
Change From Unit Transactions:
• Net unit transactions		(2,388,678	)		(40,359,023	)		(1,600	)		79,599,358			2,989,607			(10,642,962	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(2,388,678	)		(40,359,023	)		(1,600	)		79,599,358			2,989,607			(10,642,962	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(661,821	)		(2,551,220	)		7,071			89,839,379			3,432,519			6,365,057
NET ASSETS AT DECEMBER 31, 2023	$	46,939,499		$	400,834,090		$	85,840		$	286,276,763		$	9,845,813		$	187,519,575

N-73

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP JPMorgan High Yield Fund - Standard Class Subaccount			LVIP JPMorgan Mid Cap Value Fund - Service Class Subaccount		LVIP JPMorgan Mid Cap Value Fund - Standard Class Subaccount		LVIP JPMorgan Retirement Income Fund - Service Class Subaccount			LVIP JPMorgan Retirement Income Fund - Standard Class Subaccount			LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class Subaccount			LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	5,125,691		$	—	$	—	$	16,949,213		$	1,281,368		$	617,172,349		$	240,967
Changes From Operations:
• Net investment income (loss)		323,410			—		—		72,204			17,876			(2,493,175	)		511
• Net realized gain (loss) on investments		(127,889	)		—		—		336,709			32,268			83,019,706			31,596
• Net change in unrealized appreciation or depreciation on investments		(786,738	)		—		—		(3,040,429	)		(226,058	)		(144,689,536	)		(57,698	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(591,217	)		—		—		(2,631,516	)		(175,914	)		(64,163,005	)		(25,591	)
Change From Unit Transactions:
• Net unit transactions		1,231,784			—		—		3,424,267			(4,274	)		(63,005,949	)		(59,753	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,231,784			—		—		3,424,267			(4,274	)		(63,005,949	)		(59,753	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		640,567			—		—		792,751			(180,188	)		(127,168,954	)		(85,344	)
NET ASSETS AT DECEMBER 31, 2022		5,766,258			—		—		17,741,964			1,101,180			490,003,395			155,623
Changes From Operations:
• Net investment income (loss)		219,406			51,823		8,128		343,309			36,506			(1,373,750	)		998
• Net realized gain (loss) on investments		(178,490	)		3,324		235		(303,322	)		(2,163	)		42,902,843			12,171
• Net change in unrealized appreciation or depreciation on investments		545,386			234,858		24,050		1,645,961			86,865			5,926,150			3,713
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		586,302			290,005		32,413		1,685,948			121,208			47,455,243			16,882
Change From Unit Transactions:
• Net unit transactions		(1,000,662	)		3,954,699		441,462		393,457			(10,685	)		(40,800,506	)		(8,935	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,000,662	)		3,954,699		441,462		393,457			(10,685	)		(40,800,506	)		(8,935	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(414,360	)		4,244,704		473,875		2,079,405			110,523			6,654,737			7,947
NET ASSETS AT DECEMBER 31, 2023	$	5,351,898		$	4,244,704	$	473,875	$	19,821,369		$	1,211,703		$	496,658,132		$	163,570

See accompanying notes.
N-74

	LVIP JPMorgan Small Cap Core Fund - Service Class Subaccount			LVIP JPMorgan Small Cap Core Fund - Standard Class Subaccount			LVIP JPMorgan U.S. Equity Fund - Service Class Subaccount		LVIP JPMorgan U.S. Equity Fund - Standard Class Subaccount		LVIP Loomis Sayles Global Growth Fund - Service Class Subaccount			LVIP Loomis Sayles Global Growth Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	—		$	—		$	—	$	—	$	2,598,243		$	327,734
Changes From Operations:
• Net investment income (loss)		—			—			—		—		(18,999	)		(668	)
• Net realized gain (loss) on investments		—			—			—		—		15,337			(813	)
• Net change in unrealized appreciation or depreciation on investments		—			—			—		—		(658,070	)		(73,982	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		—			—			—		—		(661,732	)		(75,463	)
Change From Unit Transactions:
• Net unit transactions		—			—			—		—		(384,809	)		(83,611	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		—			—			—		—		(384,809	)		(83,611	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		—			—			—		—		(1,046,541	)		(159,074	)
NET ASSETS AT DECEMBER 31, 2022		—			—			—		—		1,551,702			168,660
Changes From Operations:
• Net investment income (loss)		22,682			11,166			48,004		1,759		(26,530	)		(484	)
• Net realized gain (loss) on investments		(5,285	)		(226	)		94,642		1,219		3,162			(4,313	)
• Net change in unrealized appreciation or depreciation on investments		529,755			149,555			1,188,122		18,831		686,612			81,269
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		547,152			160,495			1,330,768		21,809		663,244			76,472
Change From Unit Transactions:
• Net unit transactions		6,601,233			1,444,482			18,822,181		347,711		1,823,781			159,808
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		6,601,233			1,444,482			18,822,181		347,711		1,823,781			159,808
TOTAL INCREASE (DECREASE) IN NET ASSETS		7,148,385			1,604,977			20,152,949		369,520		2,487,025			236,280
NET ASSETS AT DECEMBER 31, 2023	$	7,148,385		$	1,604,977		$	20,152,949	$	369,520	$	4,038,727		$	404,940

N-75

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP MFS International Equity Managed Volatility Fund - Service Class Subaccount			LVIP MFS International Growth Fund - Service Class Subaccount			LVIP MFS International Growth Fund - Standard Class Subaccount			LVIP MFS Value Fund - Service Class Subaccount			LVIP MFS Value Fund - Standard Class Subaccount			LVIP Mondrian Global Income Fund - Service Class Subaccount			LVIP Mondrian Global Income Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	650,932,777		$	302,759,096		$	2,646,084		$	1,219,669,506		$	7,152,671		$	540,665,083		$	1,180,222
Changes From Operations:
• Net investment income (loss)		(3,214,136	)		(1,443,683	)		16,806			3,180,785			110,793			(7,162,643	)		(6,465	)
• Net realized gain (loss) on investments		3,656,936			21,332,452			142,495			107,098,391			385,392			(14,262,264	)		(25,845	)
• Net change in unrealized appreciation or depreciation on investments		(115,365,736	)		(67,210,118	)		(530,597	)		(201,754,535	)		(929,032	)		(65,040,332	)		(147,535	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(114,922,936	)		(47,321,349	)		(371,296	)		(91,475,359	)		(432,847	)		(86,465,239	)		(179,845	)
Change From Unit Transactions:
• Net unit transactions		(2,275,496	)		(6,739,708	)		(76,723	)		(102,291,043	)		710,927			(48,555,648	)		180,040
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(2,275,496	)		(6,739,708	)		(76,723	)		(102,291,043	)		710,927			(48,555,648	)		180,040
TOTAL INCREASE (DECREASE) IN NET ASSETS		(117,198,432	)		(54,061,057	)		(448,019	)		(193,766,402	)		278,080			(135,020,887	)		195
NET ASSETS AT DECEMBER 31, 2022		533,734,345			248,698,039			2,198,065			1,025,903,104			7,430,751			405,644,196			1,180,417
Changes From Operations:
• Net investment income (loss)		981,741			1,327,768			42,038			3,066,270			93,007			(6,268,534	)		(6,822	)
• Net realized gain (loss) on investments		39,704,512			13,059,954			72,279			93,915,568			483,155			(12,037,402	)		(39,307	)
• Net change in unrealized appreciation or depreciation on investments		21,232,719			17,271,346			197,945			(32,788,244	)		(111,768	)		26,406,541			81,005
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		61,918,972			31,659,068			312,262			64,193,594			464,394			8,100,605			34,876
Change From Unit Transactions:
• Net unit transactions		(35,986,358	)		(6,475,564	)		40,018			(43,142,818	)		(939,316	)		(18,590,179	)		(73,956	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(35,986,358	)		(6,475,564	)		40,018			(43,142,818	)		(939,316	)		(18,590,179	)		(73,956	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		25,932,614			25,183,504			352,280			21,050,776			(474,922	)		(10,489,574	)		(39,080	)
NET ASSETS AT DECEMBER 31, 2023	$	559,666,959		$	273,881,543		$	2,550,345		$	1,046,953,880		$	6,955,829		$	395,154,622		$	1,141,337

See accompanying notes.
N-76

	LVIP Mondrian International Value Fund - Service Class Subaccount			LVIP Mondrian International Value Fund - Standard Class Subaccount			LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class Subaccount			LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class Subaccount			LVIP PIMCO Low Duration Bond Fund - Service Class Subaccount			LVIP PIMCO Low Duration Bond Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	260,140,895		$	8,473,138		$	98,147,784		$	55,994		$	762,042,646		$	12,043,091
Changes From Operations:
• Net investment income (loss)		2,666,383			89,319			(217,649	)		562			3,459,007			214,650
• Net realized gain (loss) on investments		(2,627,897	)		(49,165	)		1,150,720			297			(12,239,179	)		(201,021	)
• Net change in unrealized appreciation or depreciation on investments		(30,234,053	)		(1,038,719	)		(19,819,196	)		(11,142	)		(41,736,739	)		(714,057	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(30,195,567	)		(998,565	)		(18,886,125	)		(10,283	)		(50,516,911	)		(700,428	)
Change From Unit Transactions:
• Net unit transactions		(10,306,933	)		(436,086	)		(3,920,115	)		—			31,101,383			1,352,215
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(10,306,933	)		(436,086	)		(3,920,115	)		—			31,101,383			1,352,215
TOTAL INCREASE (DECREASE) IN NET ASSETS		(40,502,500	)		(1,434,651	)		(22,806,240	)		(10,283	)		(19,415,528	)		651,787
NET ASSETS AT DECEMBER 31, 2022		219,638,395			7,038,487			75,341,544			45,711			742,627,118			12,694,878
Changes From Operations:
• Net investment income (loss)		3,505,581			123,309			(489,797	)		230			12,912,271			357,859
• Net realized gain (loss) on investments		(641,098	)		(13,392	)		4,301,529			3,223			(9,314,888	)		(159,047	)
• Net change in unrealized appreciation or depreciation on investments		34,532,120			1,116,106			13,121,745			6,200			19,011,929			328,124
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		37,396,603			1,226,023			16,933,477			9,653			22,609,312			526,936
Change From Unit Transactions:
• Net unit transactions		(27,717,773	)		(731,792	)		(6,032,932	)		(18,839	)		(17,933,783	)		(695,414	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(27,717,773	)		(731,792	)		(6,032,932	)		(18,839	)		(17,933,783	)		(695,414	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		9,678,830			494,231			10,900,545			(9,186	)		4,675,529			(168,478	)
NET ASSETS AT DECEMBER 31, 2023	$	229,317,225		$	7,532,718		$	86,242,089		$	36,525		$	747,302,647		$	12,526,400

N-77

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP SSGA Bond Index Fund - Service Class Subaccount			LVIP SSGA Bond Index Fund - Standard Class Subaccount			LVIP SSGA Conservative Index Allocation Fund - Service Class Subaccount			LVIP SSGA Conservative Index Allocation Fund - Standard Class Subaccount			LVIP SSGA Emerging Markets Equity Index Fund - Service Class Subaccount			LVIP SSGA Emerging Markets Equity Index Fund - Standard Class Subaccount			LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	970,156,653		$	18,114,934		$	91,830,660		$	5,184,848		$	15,377,926		$	2,166,182		$	723,591,610
Changes From Operations:
• Net investment income (loss)		1,828,732			256,339			715,705			97,328			210,563			55,500			11,386,254
• Net realized gain (loss) on investments		(14,274,875	)		(493,115	)		1,841,036			45,431			(546,206	)		(142,596	)		7,399,547
• Net change in unrealized appreciation or depreciation on investments		(128,477,822	)		(2,268,832	)		(17,138,479	)		(958,619	)		(3,219,482	)		(448,277	)		(130,477,484	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(140,923,965	)		(2,505,608	)		(14,581,738	)		(815,860	)		(3,555,125	)		(535,373	)		(111,691,683	)
Change From Unit Transactions:
• Net unit transactions		(66,035,974	)		(812,724	)		(5,464,830	)		127,546			1,466,366			339,049			(57,906,043	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(66,035,974	)		(812,724	)		(5,464,830	)		127,546			1,466,366			339,049			(57,906,043	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(206,959,939	)		(3,318,332	)		(20,046,568	)		(688,314	)		(2,088,759	)		(196,324	)		(169,597,726	)
NET ASSETS AT DECEMBER 31, 2022		763,196,714			14,796,602			71,784,092			4,496,534			13,289,167			1,969,858			553,993,884
Changes From Operations:
• Net investment income (loss)		6,879,801			356,926			507,063			81,161			254,856			80,455			2,974,125
• Net realized gain (loss) on investments		(13,097,336	)		(514,059	)		688,060			(51,340	)		(594,399	)		(100,955	)		(7,280,845	)
• Net change in unrealized appreciation or depreciation on investments		30,998,624			891,581			4,954,814			408,615			1,250,163			191,184			63,312,016
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		24,781,089			734,448			6,149,937			438,436			910,620			170,684			59,005,296
Change From Unit Transactions:
• Net unit transactions		(8,944,644	)		899,390			(3,713,075	)		(155,884	)		128,626			712,902			(61,509,656	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(8,944,644	)		899,390			(3,713,075	)		(155,884	)		128,626			712,902			(61,509,656	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		15,836,445			1,633,838			2,436,862			282,552			1,039,246			883,586			(2,504,360	)
NET ASSETS AT DECEMBER 31, 2023	$	779,033,159		$	16,430,440		$	74,220,954		$	4,779,086		$	14,328,413		$	2,853,444		$	551,489,524

See accompanying notes.
N-78

	LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class Subaccount			LVIP SSGA International Index Fund - Service Class Subaccount			LVIP SSGA International Index Fund - Standard Class Subaccount			LVIP SSGA International Managed Volatility Fund - Service Class Subaccount			LVIP SSGA International Managed Volatility Fund - Standard Class Subaccount			LVIP SSGA Large Cap Managed Volatility Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	2,882,834		$	304,115,127		$	12,530,545		$	339,266,732		$	82,961		$	894,082,224
Changes From Operations:
• Net investment income (loss)		69,778			6,311,172			486,833			6,471,246			2,020			(2,890,811	)
• Net realized gain (loss) on investments		(92,472	)		3,574,109			(195,011	)		274,626			(415	)		45,825,562
• Net change in unrealized appreciation or depreciation on investments		(337,390	)		(57,758,988	)		(2,096,701	)		(67,959,562	)		(16,222	)		(204,290,841	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(360,084	)		(47,873,707	)		(1,804,879	)		(61,213,690	)		(14,617	)		(161,356,090	)
Change From Unit Transactions:
• Net unit transactions		(540,444	)		(17,189,800	)		1,864,496			(8,543,631	)		(4,694	)		(16,383,175	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(540,444	)		(17,189,800	)		1,864,496			(8,543,631	)		(4,694	)		(16,383,175	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(900,528	)		(65,063,507	)		59,617			(69,757,321	)		(19,311	)		(177,739,265	)
NET ASSETS AT DECEMBER 31, 2022		1,982,306			239,051,620			12,590,162			269,509,411			63,650			716,342,959
Changes From Operations:
• Net investment income (loss)		46,051			3,192,391			384,278			2,714,129			757			(2,843,940	)
• Net realized gain (loss) on investments		(34,545	)		5,459,204			79,026			1,693,437			374			125,072,630
• Net change in unrealized appreciation or depreciation on investments		254,554			26,802,231			1,742,736			33,714,977			7,243			33,509,003
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		266,060			35,453,826			2,206,040			38,122,543			8,374			155,737,693
Change From Unit Transactions:
• Net unit transactions		203,137			(18,615,167	)		1,042,460			(44,118,746	)		(22,593	)		(59,194,222	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		203,137			(18,615,167	)		1,042,460			(44,118,746	)		(22,593	)		(59,194,222	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		469,197			16,838,659			3,248,500			(5,996,203	)		(14,219	)		96,543,471
NET ASSETS AT DECEMBER 31, 2023	$	2,451,503		$	255,890,279		$	15,838,662		$	263,513,208		$	49,431		$	812,886,430

N-79

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP SSGA Mid-Cap Index Fund - Service Class Subaccount			LVIP SSGA Mid-Cap Index Fund - Standard Class Subaccount			LVIP SSGA Moderate Index Allocation Fund - Service Class Subaccount			LVIP SSGA Moderate Index Allocation Fund - Standard Class Subaccount			LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class Subaccount			LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class Subaccount			LVIP SSGA Nasdaq-100 Index Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	169,594,180		$	13,137,815		$	288,980,814		$	6,757,072		$	248,635,849		$	4,754,600		$	9,412,574
Changes From Operations:
• Net investment income (loss)		(373,181	)		122,400			2,421,789			109,370			1,581,735			127,173			(67,012	)
• Net realized gain (loss) on investments		16,880,327			1,326,817			9,003,481			22,692			7,701,163			83,358			(993,461	)
• Net change in unrealized appreciation or depreciation on investments		(41,378,356	)		(3,355,449	)		(59,906,063	)		(1,227,308	)		(52,560,766	)		(990,142	)		(2,289,683	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(24,871,210	)		(1,906,232	)		(48,480,793	)		(1,095,246	)		(43,277,868	)		(779,611	)		(3,350,156	)
Change From Unit Transactions:
• Net unit transactions		(3,359,543	)		1,555,686			(12,598,740	)		(975,276	)		(6,731,187	)		1,473,792			323,326
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(3,359,543	)		1,555,686			(12,598,740	)		(975,276	)		(6,731,187	)		1,473,792			323,326
TOTAL INCREASE (DECREASE) IN NET ASSETS		(28,230,753	)		(350,546	)		(61,079,533	)		(2,070,522	)		(50,009,055	)		694,181			(3,026,830	)
NET ASSETS AT DECEMBER 31, 2022		141,363,427			12,787,269			227,901,281			4,686,550			198,626,794			5,448,781			6,385,744
Changes From Operations:
• Net investment income (loss)		(319,998	)		137,234			1,422,311			76,466			907,913			101,359			(99,936	)
• Net realized gain (loss) on investments		8,271,591			715,040			8,866,418			70,462			9,062,562			161,913			362,492
• Net change in unrealized appreciation or depreciation on investments		12,986,778			1,289,939			15,997,887			411,347			15,356,762			502,586			5,431,815
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		20,938,371			2,142,213			26,286,616			558,275			25,327,237			765,858			5,694,371
Change From Unit Transactions:
• Net unit transactions		9,823,694			1,269,385			(7,094,604	)		(728,103	)		(27,785	)		(41,223	)		14,020,331
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		9,823,694			1,269,385			(7,094,604	)		(728,103	)		(27,785	)		(41,223	)		14,020,331
TOTAL INCREASE (DECREASE) IN NET ASSETS		30,762,065			3,411,598			19,192,012			(169,828	)		25,299,452			724,635			19,714,702
NET ASSETS AT DECEMBER 31, 2023	$	172,125,492		$	16,198,867		$	247,093,293		$	4,516,722		$	223,926,246		$	6,173,416		$	26,100,446

See accompanying notes.
N-80

	LVIP SSGA Nasdaq-100 Index Fund - Standard Class Subaccount			LVIP SSGA S&P 500 Index Fund - Service Class Subaccount			LVIP SSGA S&P 500 Index Fund - Standard Class Subaccount			LVIP SSGA Short-Term Bond Index Fund - Service Class Subaccount			LVIP SSGA Short-Term Bond Index Fund - Standard Class Subaccount			LVIP SSGA Small-Cap Index Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	516,672		$	1,867,313,439		$	121,967,033		$	168,729,878		$	6,246,840		$	493,880,458
Changes From Operations:
• Net investment income (loss)		(584	)		(3,938,037	)		860,540			(240,980	)		77,600			(2,576,393	)
• Net realized gain (loss) on investments		(56,704	)		215,250,025			12,900,924			(1,069,167	)		(94,263	)		50,254,975
• Net change in unrealized appreciation or depreciation on investments		(115,972	)		(575,018,651	)		(37,130,879	)		(7,364,475	)		(263,570	)		(157,590,024	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(173,260	)		(363,706,663	)		(23,369,415	)		(8,674,622	)		(280,233	)		(109,911,442	)
Change From Unit Transactions:
• Net unit transactions		28,354			(30,992,522	)		7,922,061			28,084,373			1,950,617			(11,007,817	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		28,354			(30,992,522	)		7,922,061			28,084,373			1,950,617			(11,007,817	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(144,906	)		(394,699,185	)		(15,447,354	)		19,409,751			1,670,384			(120,919,259	)
NET ASSETS AT DECEMBER 31, 2022		371,766			1,472,614,254			106,519,679			188,139,629			7,917,224			372,961,199
Changes From Operations:
• Net investment income (loss)		5,970			(3,390,846	)		976,576			2,922,249			289,408			(1,752,143	)
• Net realized gain (loss) on investments		36,882			97,614,418			5,242,265			(1,606,021	)		(34,789	)		4,428,805
• Net change in unrealized appreciation or depreciation on investments		467,551			253,383,871			20,646,075			5,313,684			222,489			53,680,239
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		510,403			347,607,443			26,864,916			6,629,912			477,108			56,356,901
Change From Unit Transactions:
• Net unit transactions		2,047,426			(14,132,727	)		3,321,748			7,096,568			3,029,689			9,542,883
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		2,047,426			(14,132,727	)		3,321,748			7,096,568			3,029,689			9,542,883
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,557,829			333,474,716			30,186,664			13,726,480			3,506,797			65,899,784
NET ASSETS AT DECEMBER 31, 2023	$	2,929,595		$	1,806,088,970		$	136,706,343		$	201,866,109		$	11,424,021		$	438,860,983

N-81

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP SSGA Small-Cap Index Fund - Standard Class Subaccount			LVIP SSGA SMID Cap Managed Volatility Fund - Service Class Subaccount			LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class Subaccount			LVIP Structured Conservative Allocation Fund - Service Class Subaccount			LVIP Structured Conservative Allocation Fund - Standard Class Subaccount			LVIP Structured Moderate Allocation Fund - Service Class Subaccount			LVIP Structured Moderate Allocation Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	17,434,045		$	667,995,657		$	60,480		$	152,969,580		$	1,409,656		$	680,018,510		$	1,764,213
Changes From Operations:
• Net investment income (loss)		108,176			(4,407,869	)		1			2,589,951			42,809			14,558,588			55,821
• Net realized gain (loss) on investments		1,758,156			22,140,550			645			3,791,691			34,686			25,880,066			23,252
• Net change in unrealized appreciation or depreciation on investments		(5,631,848	)		(151,689,991	)		(12,296	)		(28,371,473	)		(270,400	)		(138,050,646	)		(319,343	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(3,765,516	)		(133,957,310	)		(11,650	)		(21,989,831	)		(192,905	)		(97,611,992	)		(240,270	)
Change From Unit Transactions:
• Net unit transactions		2,122,172			2,176,589			(5,745	)		(12,958,360	)		6,899			(60,520,496	)		(230,667	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		2,122,172			2,176,589			(5,745	)		(12,958,360	)		6,899			(60,520,496	)		(230,667	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,643,344	)		(131,780,721	)		(17,395	)		(34,948,191	)		(186,006	)		(158,132,488	)		(470,937	)
NET ASSETS AT DECEMBER 31, 2022		15,790,701			536,214,936			43,085			118,021,389			1,223,650			521,886,022			1,293,276
Changes From Operations:
• Net investment income (loss)		119,235			(3,144,415	)		182			910,280			20,911			3,398,922			30,765
• Net realized gain (loss) on investments		(339,072	)		(4,037,819	)		2			(524,252	)		(19,279	)		8,393,561			27,422
• Net change in unrealized appreciation or depreciation on investments		2,826,773			72,812,839			6,696			8,725,618			95,449			41,210,228			104,669
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,606,936			65,630,605			6,880			9,111,646			97,081			53,002,711			162,856
Change From Unit Transactions:
• Net unit transactions		(290,747	)		(1,755,724	)		8,214			(15,887,328	)		(244,172	)		(67,204,739	)		(11,421	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(290,747	)		(1,755,724	)		8,214			(15,887,328	)		(244,172	)		(67,204,739	)		(11,421	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,316,189			63,874,881			15,094			(6,775,682	)		(147,091	)		(14,202,028	)		151,435
NET ASSETS AT DECEMBER 31, 2023	$	18,106,890		$	600,089,817		$	58,179		$	111,245,707		$	1,076,559		$	507,683,994		$	1,444,711

See accompanying notes.
N-82

	LVIP Structured Moderately Aggressive Allocation Fund - Service Class Subaccount			LVIP Structured Moderately Aggressive Allocation Fund - Standard Class Subaccount			LVIP T. Rowe Price 2010 Fund - Service Class Subaccount			LVIP T. Rowe Price 2020 Fund - Service Class Subaccount			LVIP T. Rowe Price 2030 Fund - Service Class Subaccount			LVIP T. Rowe Price 2040 Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	384,870,969		$	2,789,953		$	4,803,174		$	8,904,846		$	4,578,916		$	5,572,231
Changes From Operations:
• Net investment income (loss)		9,100,017			93,304			(26,161	)		71,585			8,536			(9,435	)
• Net realized gain (loss) on investments		13,836,296			64,375			(469,985	)		559,844			237,711			290,495
• Net change in unrealized appreciation or depreciation on investments		(78,118,091	)		(510,874	)		(51,746	)		(2,084,054	)		(1,077,888	)		(1,333,795	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(55,181,778	)		(353,195	)		(547,892	)		(1,452,625	)		(831,641	)		(1,052,735	)
Change From Unit Transactions:
• Net unit transactions		(32,677,714	)		(328,237	)		(4,255,282	)		(741,211	)		(108,302	)		(240,617	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(32,677,714	)		(328,237	)		(4,255,282	)		(741,211	)		(108,302	)		(240,617	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(87,859,492	)		(681,432	)		(4,803,174	)		(2,193,836	)		(939,943	)		(1,293,352	)
NET ASSETS AT DECEMBER 31, 2022		297,011,477			2,108,521			—			6,711,010			3,638,973			4,278,879
Changes From Operations:
• Net investment income (loss)		1,869,146			52,923			—			42,752			12,643			(12,807	)
• Net realized gain (loss) on investments		6,311,632			39,833			—			178,173			168,739			198,504
• Net change in unrealized appreciation or depreciation on investments		25,666,837			210,732			—			529,513			353,003			515,870
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		33,847,615			303,488			—			750,438			534,385			701,567
Change From Unit Transactions:
• Net unit transactions		(32,586,753	)		349,282			—			(224,462	)		393,871			(214,081	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(32,586,753	)		349,282			—			(224,462	)		393,871			(214,081	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,260,862			652,770			—			525,976			928,256			487,486
NET ASSETS AT DECEMBER 31, 2023	$	298,272,339		$	2,761,291		$	—		$	7,236,986		$	4,567,229		$	4,766,365

N-83

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP T. Rowe Price Growth Stock Fund - Service Class Subaccount			LVIP T. Rowe Price Growth Stock Fund - Standard Class Subaccount			LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class Subaccount			LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class Subaccount			LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class Subaccount			LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class Subaccount			LVIP U.S. Growth Allocation Managed Risk Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	465,035,203		$	7,273,797		$	390,215,525		$	4,602,933		$	184,408,512		$	1,274,421		$	1,935,606,062
Changes From Operations:
• Net investment income (loss)		(4,797,832	)		(22,902	)		(4,777,001	)		(45,037	)		(439,806	)		10,270			2,384,434
• Net realized gain (loss) on investments		58,640,255			712,784			37,328,415			459,464			3,840,112			12,399			82,587,611
• Net change in unrealized appreciation or depreciation on investments		(247,865,274	)		(3,745,833	)		(133,858,624	)		(1,595,508	)		(46,944,850	)		(328,498	)		(498,966,714	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(194,022,851	)		(3,055,951	)		(101,307,210	)		(1,181,081	)		(43,544,544	)		(305,829	)		(413,994,669	)
Change From Unit Transactions:
• Net unit transactions		437,697			122,900			(3,738,896	)		(11,006	)		13,371,433			41,240			20,184,922
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		437,697			122,900			(3,738,896	)		(11,006	)		13,371,433			41,240			20,184,922
TOTAL INCREASE (DECREASE) IN NET ASSETS		(193,585,154	)		(2,933,051	)		(105,046,106	)		(1,192,087	)		(30,173,111	)		(264,589	)		(393,809,747	)
NET ASSETS AT DECEMBER 31, 2022		271,450,049			4,340,746			285,169,419			3,410,846			154,235,401			1,009,832			1,541,796,315
Changes From Operations:
• Net investment income (loss)		(4,668,973	)		(23,982	)		(4,613,367	)		(41,531	)		(481,111	)		10,051			3,639,848
• Net realized gain (loss) on investments		1,606,835			(131,764	)		(3,699,755	)		(10,284	)		(966,980	)		(8,573	)		(1,169,097	)
• Net change in unrealized appreciation or depreciation on investments		117,466,505			2,208,383			61,910,555			693,689			22,949,845			157,465			201,719,249
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		114,404,367			2,052,637			53,597,433			641,874			21,501,754			158,943			204,190,000
Change From Unit Transactions:
• Net unit transactions		(38,848,663	)		663,318			(5,648,566	)		(389,180	)		2,239,809			20,480			(34,914,897	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(38,848,663	)		663,318			(5,648,566	)		(389,180	)		2,239,809			20,480			(34,914,897	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		75,555,704			2,715,955			47,948,867			252,694			23,741,563			179,423			169,275,103
NET ASSETS AT DECEMBER 31, 2023	$	347,005,753		$	7,056,701		$	333,118,286		$	3,663,540		$	177,976,964		$	1,189,255		$	1,711,071,418

See accompanying notes.
N-84

	LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class Subaccount			LVIP Vanguard Bond Allocation Fund - Service Class Subaccount			LVIP Vanguard Bond Allocation Fund - Standard Class Subaccount			LVIP Vanguard Domestic Equity ETF Fund - Service Class Subaccount			LVIP Vanguard Domestic Equity ETF Fund - Standard Class Subaccount			LVIP Vanguard International Equity ETF Fund - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	3,397,774		$	948,844,590		$	43,910,638		$	443,944,289		$	23,026,286		$	285,388,076
Changes From Operations:
• Net investment income (loss)		30,429			1,930,808			564,953			(1,493,299	)		113,521			2,152,679
• Net realized gain (loss) on investments		137,071			9,292,381			197,695			16,965,245			384,548			8,332
• Net change in unrealized appreciation or depreciation on investments		(883,368	)		(151,125,760	)		(6,906,070	)		(103,957,582	)		(4,937,017	)		(54,041,144	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(715,868	)		(139,902,571	)		(6,143,422	)		(88,485,636	)		(4,438,948	)		(51,880,133	)
Change From Unit Transactions:
• Net unit transactions		28,322			(25,446,992	)		(542,519	)		1,244,487			(252,195	)		11,250,172
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		28,322			(25,446,992	)		(542,519	)		1,244,487			(252,195	)		11,250,172
TOTAL INCREASE (DECREASE) IN NET ASSETS		(687,546	)		(165,349,563	)		(6,685,941	)		(87,241,149	)		(4,691,143	)		(40,629,961	)
NET ASSETS AT DECEMBER 31, 2022		2,710,228			783,495,027			37,224,697			356,703,140			18,335,143			244,758,115
Changes From Operations:
• Net investment income (loss)		26,770			13,741,790			1,167,840			(1,011,986	)		152,867			3,727,711
• Net realized gain (loss) on investments		(48,977	)		(11,665,750	)		(705,243	)		21,657,467			639,718			168,570
• Net change in unrealized appreciation or depreciation on investments		382,846			32,430,296			1,707,760			60,885,978			3,648,074			28,881,834
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		360,639			34,506,336			2,170,357			81,531,459			4,440,659			32,778,115
Change From Unit Transactions:
• Net unit transactions		(402,256	)		65,205,751			4,998,698			(5,647,919	)		(124,135	)		718,896
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(402,256	)		65,205,751			4,998,698			(5,647,919	)		(124,135	)		718,896
TOTAL INCREASE (DECREASE) IN NET ASSETS		(41,617	)		99,712,087			7,169,055			75,883,540			4,316,524			33,497,011
NET ASSETS AT DECEMBER 31, 2023	$	2,668,611		$	883,207,114		$	44,393,752		$	432,586,680		$	22,651,667		$	278,255,126

N-85

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	LVIP Vanguard International Equity ETF Fund - Standard Class Subaccount			LVIP Wellington Capital Growth Fund - Service Class Subaccount			LVIP Wellington Capital Growth Fund - Standard Class Subaccount			LVIP Wellington SMID Cap Value Fund - Service Class Subaccount			LVIP Wellington SMID Cap Value Fund - Standard Class Subaccount			LVIP Western Asset Core Bond Fund - Service Class Subaccount			LVIP Western Asset Core Bond Fund - Standard Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	24,400,403		$	518,385,899		$	7,357,807		$	150,529,032		$	1,851,301		$	464,021,963		$	16,261,219
Changes From Operations:
• Net investment income (loss)		443,785			(4,590,823	)		(18,286	)		(1,279,035	)		5,915			4,810,107			410,603
• Net realized gain (loss) on investments		(151,238	)		74,671,497			466,559			18,956,939			187,368			(9,179,938	)		(459,522	)
• Net change in unrealized appreciation or depreciation on investments		(4,537,794	)		(247,200,320	)		(2,736,841	)		(34,601,917	)		(375,892	)		(77,305,699	)		(2,811,431	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,245,247	)		(177,119,646	)		(2,288,568	)		(16,924,013	)		(182,609	)		(81,675,530	)		(2,860,350	)
Change From Unit Transactions:
• Net unit transactions		1,355,186			(3,153,785	)		(1,365,284	)		(9,103,139	)		(133,431	)		(15,501,097	)		1,581,457
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,355,186			(3,153,785	)		(1,365,284	)		(9,103,139	)		(133,431	)		(15,501,097	)		1,581,457
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,890,061	)		(180,273,431	)		(3,653,852	)		(26,027,152	)		(316,040	)		(97,176,627	)		(1,278,893	)
NET ASSETS AT DECEMBER 31, 2022		21,510,342			338,112,468			3,703,955			124,501,880			1,535,261			366,845,336			14,982,326
Changes From Operations:
• Net investment income (loss)		580,816			(4,345,402	)		(15,202	)		(944,472	)		6,576			37,591,275			1,568,307
• Net realized gain (loss) on investments		(112,346	)		7,704,606			(95,401	)		16,874,405			187,935			(7,791,081	)		(421,100	)
• Net change in unrealized appreciation or depreciation on investments		2,650,326			112,467,586			1,446,188			2,953,341			65,645			(11,587,180	)		(366,666	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,118,796			115,826,790			1,335,585			18,883,274			260,156			18,213,014			780,541
Change From Unit Transactions:
• Net unit transactions		(297,675	)		(59,937,245	)		(144,367	)		(3,740,287	)		(337,455	)		44,819,354			35,659
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(297,675	)		(59,937,245	)		(144,367	)		(3,740,287	)		(337,455	)		44,819,354			35,659
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,821,121			55,889,545			1,191,218			15,142,987			(77,299	)		63,032,368			816,200
NET ASSETS AT DECEMBER 31, 2023	$	24,331,463		$	394,002,013		$	4,895,173		$	139,644,867		$	1,457,962		$	429,877,704		$	15,798,526

See accompanying notes.
N-86

	MFS®​ VIT Growth Series - Initial Class Subaccount			MFS®​ VIT Growth Series - Service Class Subaccount			MFS®​ VIT Total Return Series - Initial Class Subaccount			MFS®​ VIT Total Return Series - Service Class Subaccount			MFS®​ VIT Utilities Series - Initial Class Subaccount			MFS®​ VIT Utilities Series - Service Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	7,451,183		$	288,785,022		$	6,507,398		$	138,397,311		$	6,274,044		$	179,773,953
Changes From Operations:
• Net investment income (loss)		(62,080	)		(3,038,337	)		22,965			127,023			68,901			1,222,637
• Net realized gain (loss) on investments		651,212			27,251,595			501,571			10,842,736			447,672			13,929,237
• Net change in unrealized appreciation or depreciation on investments		(2,962,962	)		(118,254,476	)		(1,212,199	)		(26,452,939	)		(547,934	)		(18,007,657	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,373,830	)		(94,041,218	)		(687,663	)		(15,483,180	)		(31,361	)		(2,855,783	)
Change From Unit Transactions:
• Net unit transactions		(565,504	)		281,041			(593,642	)		(1,186,246	)		(910,420	)		(8,874,855	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(565,504	)		281,041			(593,642	)		(1,186,246	)		(910,420	)		(8,874,855	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,939,334	)		(93,760,177	)		(1,281,305	)		(16,669,426	)		(941,781	)		(11,730,638	)
NET ASSETS AT DECEMBER 31, 2022		4,511,849			195,024,845			5,226,093			121,727,885			5,332,263			168,043,315
Changes From Operations:
• Net investment income (loss)		(52,233	)		(2,954,928	)		40,127			616,033			117,868			2,693,470
• Net realized gain (loss) on investments		285,000			15,613,276			170,059			4,281,312			321,350			9,755,486
• Net change in unrealized appreciation or depreciation on investments		1,122,063			49,880,592			245,890			5,632,860			(619,685	)		(18,645,115	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,354,830			62,538,940			456,076			10,530,205			(180,467	)		(6,196,159	)
Change From Unit Transactions:
• Net unit transactions		(980,007	)		(24,500,939	)		(238,609	)		(1,597,998	)		(271,695	)		(17,468,548	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(980,007	)		(24,500,939	)		(238,609	)		(1,597,998	)		(271,695	)		(17,468,548	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		374,823			38,038,001			217,467			8,932,207			(452,162	)		(23,664,707	)
NET ASSETS AT DECEMBER 31, 2023	$	4,886,672		$	233,062,846		$	5,443,560		$	130,660,092		$	4,880,101		$	144,378,608

N-87

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	MFS®​ VIT II Core Equity Portfolio - Service Class Subaccount			MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class Subaccount			MFS®​ VIT II International Intrinsic Value Portfolio - Service Class Subaccount			Morgan Stanley VIF Global Infrastructure Portfolio - Class I Subaccount			Morgan Stanley VIF Global Infrastructure Portfolio - Class II Subaccount			Morgan Stanley VIF Growth Portfolio - Class II Subaccount			Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	2,253,606		$	1,963,003		$	44,739,576		$	709,757		$	10,344,653		$	3,500,483		$	19,603,949
Changes From Operations:
• Net investment income (loss)		(28,588	)		7,079			(187,704	)		35,600			217,267			(21,830	)		(191,064	)
• Net realized gain (loss) on investments		220,591			50,404			1,585,050			72,142			590,394			674,107			3,008,372
• Net change in unrealized appreciation or depreciation on investments		(612,400	)		(540,339	)		(12,402,391	)		(217,402	)		(1,907,638	)		(3,004,929	)		(4,922,897	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(420,397	)		(482,856	)		(11,005,045	)		(109,660	)		(1,099,977	)		(2,352,652	)		(2,105,589	)
Change From Unit Transactions:
• Net unit transactions		(217,153	)		291,443			(1,211,746	)		701,239			1,908,475			680,270			(2,429,750	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(217,153	)		291,443			(1,211,746	)		701,239			1,908,475			680,270			(2,429,750	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(637,550	)		(191,413	)		(12,216,791	)		591,579			808,498			(1,672,382	)		(4,535,339	)
NET ASSETS AT DECEMBER 31, 2022		1,616,056			1,771,590			32,522,785			1,301,336			11,153,151			1,828,101			15,068,610
Changes From Operations:
• Net investment income (loss)		(20,029	)		6,459			(190,555	)		30,638			100,028			(20,099	)		(100,820	)
• Net realized gain (loss) on investments		88,710			100,588			2,620,483			192,217			573,219			(653,705	)		821,833
• Net change in unrealized appreciation or depreciation on investments		227,851			171,369			2,515,946			(169,229	)		(301,147	)		1,475,760			528,315
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		296,532			278,416			4,945,874			53,626			372,100			801,956			1,249,328
Change From Unit Transactions:
• Net unit transactions		(380,155	)		(267,921	)		(4,746,624	)		147,167			(3,114,553	)		(207,632	)		(1,709,242	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(380,155	)		(267,921	)		(4,746,624	)		147,167			(3,114,553	)		(207,632	)		(1,709,242	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(83,623	)		10,495			199,250			200,793			(2,742,453	)		594,324			(459,914	)
NET ASSETS AT DECEMBER 31, 2023	$	1,532,433		$	1,782,085		$	32,722,035		$	1,502,129		$	8,410,698		$	2,422,425		$	14,608,696

See accompanying notes.
N-88

	PIMCO VIT All Asset Portfolio - Advisor Class Subaccount			PIMCO VIT All Asset Portfolio - Institutional Class Subaccount			PIMCO VIT CommodityRealReturn® ​Strategy Portfolio - Advisor Class Subaccount			PIMCO VIT CommodityRealReturn® ​Strategy Portfolio - Institutional Class Subaccount			PIMCO VIT Dynamic Bond Portfolio - Advisor Class Subaccount			PIMCO VIT Dynamic Bond Portfolio - Institutional Class Subaccount
NET ASSETS AT JANUARY 1, 2022	$	7,018,495		$	395,642		$	14,167,010		$	35,134		$	4,538,109		$	110,175
Changes From Operations:
• Net investment income (loss)		409,366			19,648			3,892,816			14,090			52,148			2,367
• Net realized gain (loss) on investments		387,036			22,835			350,544			239			270,168			9,088
• Net change in unrealized appreciation or depreciation on investments		(1,690,505	)		(79,832	)		(3,499,343	)		(14,344	)		(644,402	)		(18,952	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(894,103	)		(37,349	)		744,017			(15	)		(322,086	)		(7,497	)
Change From Unit Transactions:
• Net unit transactions		(388,396	)		(105,021	)		3,198,900			29,405			(797,933	)		(6,030	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(388,396	)		(105,021	)		3,198,900			29,405			(797,933	)		(6,030	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,282,499	)		(142,370	)		3,942,917			29,390			(1,120,019	)		(13,527	)
NET ASSETS AT DECEMBER 31, 2022		5,735,996			253,272			18,109,927			64,524			3,418,090			96,648
Changes From Operations:
• Net investment income (loss)		116,789			16,428			2,139,431			8,556			71,782			3,297
• Net realized gain (loss) on investments		(448,722	)		(1,981	)		(2,207,726	)		(17,307	)		(136,692	)		(4,856	)
• Net change in unrealized appreciation or depreciation on investments		700,219			21,420			(1,570,538	)		5,561			233,307			7,855
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		368,286			35,867			(1,638,833	)		(3,190	)		168,397			6,296
Change From Unit Transactions:
• Net unit transactions		(1,332,410	)		418,574			(4,799,662	)		(30,484	)		(604,866	)		(2,586	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,332,410	)		418,574			(4,799,662	)		(30,484	)		(604,866	)		(2,586	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(964,124	)		454,441			(6,438,495	)		(33,674	)		(436,469	)		3,710
NET ASSETS AT DECEMBER 31, 2023	$	4,771,872		$	707,713		$	11,671,432		$	30,850		$	2,981,621		$	100,358

N-89

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class Subaccount			PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class Subaccount			Putnam VT George Putnam Balanced Fund - Class IA Subaccount			Putnam VT George Putnam Balanced Fund - Class IB Subaccount			Putnam VT Global Health Care Fund - Class IA Subaccount			Putnam VT Global Health Care Fund - Class IB Subaccount			Putnam VT Income Fund - Class IA Subaccount
NET ASSETS AT JANUARY 1, 2022	$	2,183,759		$	33,588		$	730,284		$	101,500,615		$	972,075		$	22,860,508		$	1,395,122
Changes From Operations:
• Net investment income (loss)		56,215			1,490			3,271			(625,132	)		4,181			(161,444	)		69,666
• Net realized gain (loss) on investments		(65,912	)		(5,595	)		48,240			6,842,305			106,639			1,828,660			(157,962	)
• Net change in unrealized appreciation or depreciation on investments		(326,533	)		(3,050	)		(171,085	)		(23,820,650	)		(123,119	)		(3,148,658	)		(79,792	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(336,230	)		(7,155	)		(119,574	)		(17,603,477	)		(12,299	)		(1,481,442	)		(168,088	)
Change From Unit Transactions:
• Net unit transactions		(368,502	)		2,630			668,738			(903,613	)		59,325			522,383			(540,866	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(368,502	)		2,630			668,738			(903,613	)		59,325			522,383			(540,866	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(704,732	)		(4,525	)		549,164			(18,507,090	)		47,026			(959,059	)		(708,954	)
NET ASSETS AT DECEMBER 31, 2022		1,479,027			29,063			1,279,448			82,993,525			1,019,101			21,901,449			686,168
Changes From Operations:
• Net investment income (loss)		65,343			4,172			13,377			(271,485	)		1,562			(180,321	)		39,116
• Net realized gain (loss) on investments		(50,961	)		(4,011	)		1,029			(106,127	)		67,792			1,372,523			(14,150	)
• Net change in unrealized appreciation or depreciation on investments		124,356			4,532			239,608			15,108,720			36,759			367,124			9,624
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		138,738			4,693			254,014			14,731,108			106,113			1,559,326			34,590
Change From Unit Transactions:
• Net unit transactions		(52,009	)		(2,384	)		82,138			(2,521,675	)		120,237			(1,430,234	)		70,959
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(52,009	)		(2,384	)		82,138			(2,521,675	)		120,237			(1,430,234	)		70,959
TOTAL INCREASE (DECREASE) IN NET ASSETS		86,729			2,309			336,152			12,209,433			226,350			129,092			105,549
NET ASSETS AT DECEMBER 31, 2023	$	1,565,756		$	31,372		$	1,615,600		$	95,202,958		$	1,245,451		$	22,030,541		$	791,717

See accompanying notes.
N-90

	Putnam VT Income Fund - Class IB Subaccount			Putnam VT Large Cap Value Fund - Class IA Subaccount			Putnam VT Large Cap Value Fund - Class IB Subaccount			Putnam VT Multi-Asset Absolute Return Fund - Class IA Subaccount			Putnam VT Multi-Asset Absolute Return Fund - Class IB Subaccount			Putnam VT Sustainable Future Fund - Class IB Subaccount
NET ASSETS AT JANUARY 1, 2022	$	11,222,155		$	5,116,198		$	81,902,482		$	110,763		$	2,448,687		$	—
Changes From Operations:
• Net investment income (loss)		458,282			45,568			(162,146	)		2,112			6,388			(106	)
• Net realized gain (loss) on investments		(442,171	)		447,963			7,225,311			(56	)		(41,477	)		64
• Net change in unrealized appreciation or depreciation on investments		(1,705,199	)		(574,077	)		(10,490,047	)		(786	)		20,308			(448	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,689,088	)		(80,546	)		(3,426,882	)		1,270			(14,781	)		(490	)
Change From Unit Transactions:
• Net unit transactions		26,170			3,762,168			63,451,099			40,961			366,584			31,570
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		26,170			3,762,168			63,451,099			40,961			366,584			31,570
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,662,918	)		3,681,622			60,024,217			42,231			351,803			31,080
NET ASSETS AT DECEMBER 31, 2022		9,559,237			8,797,820			141,926,699			152,994			2,800,490			31,080
Changes From Operations:
• Net investment income (loss)		438,509			134,715			1,024,817			6,235			178,168			(864	)
• Net realized gain (loss) on investments		(656,988	)		505,752			8,309,309			(6,996	)		(270,750	)		8,084
• Net change in unrealized appreciation or depreciation on investments		508,983			612,131			12,204,312			2,499			126,727			17,478
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		290,504			1,252,598			21,538,438			1,738			34,145			24,698
Change From Unit Transactions:
• Net unit transactions		(927,756	)		(380,477	)		13,519,986			(154,732	)		(2,834,635	)		77,817
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(927,756	)		(380,477	)		13,519,986			(154,732	)		(2,834,635	)		77,817
TOTAL INCREASE (DECREASE) IN NET ASSETS		(637,252	)		872,121			35,058,424			(152,994	)		(2,800,490	)		102,515
NET ASSETS AT DECEMBER 31, 2023	$	8,921,985		$	9,669,941		$	176,985,123		$	—		$	—		$	133,595

N-91

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Putnam VT Sustainable Leaders Fund - Class IA Subaccount			Putnam VT Sustainable Leaders Fund - Class IB Subaccount			Templeton Foreign VIP Fund - Class 1 Subaccount			Templeton Foreign VIP Fund - Class 4 Subaccount			Templeton Global Bond VIP Fund - Class 1 Subaccount			Templeton Global Bond VIP Fund - Class 2 Subaccount			Templeton Global Bond VIP Fund - Class 4 Subaccount
NET ASSETS AT JANUARY 1, 2022	$	—		$	—		$	158,848		$	4,227,975		$	3,068,688		$	238,356,004		$	22,778,375
Changes From Operations:
• Net investment income (loss)		—			(2	)		4,123			70,831			(12,281	)		(3,274,910	)		(224,799	)
• Net realized gain (loss) on investments		—			57			(20,155	)		(77,984	)		(187,553	)		(13,953,463	)		(1,273,152	)
• Net change in unrealized appreciation or depreciation on investments		—			(173	)		(17,707	)		(331,667	)		(12,160	)		2,610,496			82,074
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		—			(118	)		(33,739	)		(338,820	)		(211,994	)		(14,617,877	)		(1,415,877	)
Change From Unit Transactions:
• Net unit transactions		—			5,157			40,253			(80,585	)		43,983			(36,175,482	)		(4,082,735	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		—			5,157			40,253			(80,585	)		43,983			(36,175,482	)		(4,082,735	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		—			5,039			6,514			(419,405	)		(168,011	)		(50,793,359	)		(5,498,612	)
NET ASSETS AT DECEMBER 31, 2022		—			5,039			165,362			3,808,570			2,900,677			187,562,645			17,279,763
Changes From Operations:
• Net investment income (loss)		(274	)		(1,578	)		8,687			117,576			(10,320	)		(2,824,359	)		(185,454	)
• Net realized gain (loss) on investments		190			621			786			22,305			(155,426	)		(8,665,105	)		(684,923	)
• Net change in unrealized appreciation or depreciation on investments		24,076			34,897			34,152			726,810			256,782			13,450,200			1,155,622
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		23,992			33,940			43,625			866,691			91,036			1,960,736			285,245
Change From Unit Transactions:
• Net unit transactions		168,696			526,429			29,914			1,170,053			(136,740	)		(12,991,977	)		(963,809	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		168,696			526,429			29,914			1,170,053			(136,740	)		(12,991,977	)		(963,809	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		192,688			560,369			73,539			2,036,744			(45,704	)		(11,031,241	)		(678,564	)
NET ASSETS AT DECEMBER 31, 2023	$	192,688		$	565,408		$	238,901		$	5,845,314		$	2,854,973		$	176,531,404		$	16,601,199

See accompanying notes.
N-92

	Templeton Growth VIP Fund - Class 2 Subaccount			TOPS® ​Balanced ETF Portfolio - Service Class Shares Subaccount			TOPS® ​Moderate Growth ETF Portfolio - Service Class Shares Subaccount			VanEck VIP Global Resources Fund - Class S Shares Subaccount			VanEck VIP Global Resources Fund - Initial Class Shares Subaccount			Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	19,234,458		$	382,857		$	12,366,230		$	5,554,519		$	566,336		$	16,681,379
Changes From Operations:
• Net investment income (loss)		(252,610	)		5,386			(43,665	)		84,470			15,161			348,922
• Net realized gain (loss) on investments		(700,090	)		7,572			233,104			534,782			24,922			(198,673	)
• Net change in unrealized appreciation or depreciation on investments		(1,499,050	)		(58,350	)		(1,944,121	)		(388,254	)		(59,170	)		(1,904,775	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,451,750	)		(45,392	)		(1,754,682	)		230,998			(19,087	)		(1,754,526	)
Change From Unit Transactions:
• Net unit transactions		(2,385,682	)		174,799			(751,656	)		5,438,838			272,640			(59,973	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(2,385,682	)		174,799			(751,656	)		5,438,838			272,640			(59,973	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,837,432	)		129,407			(2,506,338	)		5,669,836			253,553			(1,814,499	)
NET ASSETS AT DECEMBER 31, 2022		14,397,026			512,264			9,859,892			11,224,355			819,889			14,866,880
Changes From Operations:
• Net investment income (loss)		235,722			6,469			(14,124	)		89,936			21,780			550,950
• Net realized gain (loss) on investments		(190,703	)		6,621			212,209			285,667			(3,891	)		(376,405	)
• Net change in unrealized appreciation or depreciation on investments		2,535,410			41,147			878,459			(621,416	)		(59,236	)		932,456
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,580,429			54,237			1,076,544			(245,813	)		(41,347	)		1,107,001
Change From Unit Transactions:
• Net unit transactions		(1,467,794	)		(4,027	)		(589,441	)		(5,459,472	)		96,050			(242,664	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		(1,467,794	)		(4,027	)		(589,441	)		(5,459,472	)		96,050			(242,664	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,112,635			50,210			487,103			(5,705,285	)		54,703			864,337
NET ASSETS AT DECEMBER 31, 2023	$	15,509,661		$	562,474		$	10,346,995		$	5,519,070		$	874,592		$	15,731,217

N-93

Lincoln Life Variable Annuity Account N

Statements of changes in net assets (continued)

Years Ended December 31, 2022 and 2023

	Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares Subaccount
NET ASSETS AT JANUARY 1, 2022	$	1,295,748
Changes From Operations:
• Net investment income (loss)		58,527
• Net realized gain (loss) on investments		(4,598	)
• Net change in unrealized appreciation or depreciation on investments		(214,964	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(161,035	)
Change From Unit Transactions:
• Net unit transactions		505,339
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		505,339
TOTAL INCREASE (DECREASE) IN NET ASSETS		344,304
NET ASSETS AT DECEMBER 31, 2022		1,640,052
Changes From Operations:
• Net investment income (loss)		138,419
• Net realized gain (loss) on investments		(39,908	)
• Net change in unrealized appreciation or depreciation on investments		95,363
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		193,874
Change From Unit Transactions:
• Net unit transactions		1,174,313
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS		1,174,313
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,368,187
NET ASSETS AT DECEMBER 31, 2023	$	3,008,239

See accompanying notes.
N-94

Lincoln Life Variable Annuity Account N

Notes to financial statements

December 31, 2023

1. Accounting Policies and Variable Account Information

The Variable Account: Lincoln Life Variable Annuity Account N (the Variable Account) is a segregated investment account of The Lincoln National Life Insurance Company (the Company) and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The operations of the Variable Account, which commenced on November 24, 1998, are part of the operations of the Company. The Variable Account consists of fifty products as follows:

• Lincoln ChoicePlus
• Lincoln ChoicePlus Access
• Lincoln ChoicePlus Advisory
• Lincoln ChoicePlus Assurance (Prime)
• Lincoln ChoicePlus Assurance A Class
• Lincoln ChoicePlus Assurance A Share
• Lincoln ChoicePlus Assurance A Share Fee-Based
• Lincoln ChoicePlus Assurance B Class
• Lincoln ChoicePlus Assurance B Share
• Lincoln ChoicePlus Assurance Bonus
• Lincoln ChoicePlus Assurance C Share
• Lincoln ChoicePlus Assurance L Share
• Lincoln ChoicePlus Assurance Series B-Share
• Lincoln ChoicePlus Assurance Series C-Share
• Lincoln ChoicePlus Assurance Series L-Share
• Lincoln ChoicePlus Bonus
• Lincoln ChoicePlus Design 1
• Lincoln ChoicePlus Design 2 • Lincoln ChoicePlus Design 3
• Lincoln ChoicePlus Fusion
• Lincoln ChoicePlus Rollover
• Lincoln ChoicePlus Select B-Share
• Lincoln ChoicePlus Signature 1
• Lincoln ChoicePlus Signature 2
• Lincoln ChoicePlus II
• Lincoln ChoicePlus II Access
• Lincoln ChoicePlus II Advance
• Lincoln ChoicePlus II Bonus
• Lincoln Core Income
• Lincoln InvestmentSolutions
• Lincoln InvestmentSolutions RIA
• Lincoln Investor Advantage Advisory
• Lincoln Investor Advantage Advisory Choice
• Lincoln Investor Advantage B-Share
• Lincoln Investor Advantage C-Share
• Lincoln Investor Advantage Fee-Based
• Lincoln Investor Advantage RIA

• Lincoln Investor Advantage RIA Class
• Lincoln Investor Advantage Pro Advisory
• Lincoln Investor Advantage Pro Advisory Choice
• Lincoln Investor Advantage Pro B-Share
• Lincoln Investor Advantage Pro C-Share
• Lincoln Level Advantage Access B Share
• Lincoln Level Advantage Advisory • Lincoln Level Advantage Advisory Class
• Lincoln Level Advantage B Class
• Lincoln Level Advantage B Share
• Lincoln Level Advantage Design Advisory
• Lincoln Level Advantage Design B Share
• Lincoln Level Advantage Select B Share

The assets of the Variable Account are owned by the Company. The Variable Account's assets support the annuity contracts and may not be used to satisfy liabilities arising from any other business of the Company.

Basis of Presentation: The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.

Accounting Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.

Investments: The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of four hundred fifty-seven available mutual funds(the Funds) of thirty-one open-ended management investment companies, each Fund with its own investment objective. The Funds are:

AIM Variable Insurance Funds (Invesco Variable Insurance Funds):

Invesco Oppenheimer V.I. International Growth Fund - Series I Shares

Invesco Oppenheimer V.I. International Growth Fund - Series II Shares

Invesco V.I. American Franchise Fund - Series I Shares

Invesco V.I. American Franchise Fund - Series II Shares

Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares

N-95

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares

Invesco V.I. Comstock Fund - Series I Shares

Invesco V.I. Comstock Fund - Series II Shares

Invesco V.I. Core Equity Fund - Series I Shares

Invesco V.I. Core Equity Fund - Series II Shares

Invesco V.I. Diversified Dividend Fund - Series I Shares

Invesco V.I. Diversified Dividend Fund - Series II Shares

Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares

Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares

Invesco V.I. Equity and Income Fund - Series I Shares

Invesco V.I. Equity and Income Fund - Series II Shares

Invesco V.I. EQV International Equity Fund - Series I Shares

Invesco V.I. EQV International Equity Fund - Series II Shares

Invesco V.I. Global Fund - Series II Shares

Invesco V.I. Main Street Small Cap Fund^®​ - Series I Shares

Invesco V.I. Main Street Small Cap Fund^®​ - Series II Shares

AllianceBernstein Variable Products Series Fund:

AB VPS Discovery Value Portfolio - Class A

AB VPS Discovery Value Portfolio - Class B

AB VPS International Value Portfolio - Class A**

AB VPS International Value Portfolio - Class B**

AB VPS Large Cap Growth Portfolio - Class B

AB VPS Relative Value Portfolio - Class A**

AB VPS Relative Value Portfolio - Class B**

AB VPS Sustainable Global Thematic Portfolio - Class A**

AB VPS Sustainable Global Thematic Portfolio - Class B

ALPS Variable Investment Trust:

ALPS Global Opportunity Portfolio - Class I

ALPS Global Opportunity Portfolio - Class III

ALPS/Alerian Energy Infrastructure Portfolio - Class I

ALPS/Alerian Energy Infrastructure Portfolio - Class III

American Century Variable Portfolios, Inc.:

American Century VP Balanced Fund - Class I

American Century VP Balanced Fund - Class II

American Century VP Inflation Protection Fund - Class I**

American Century VP Inflation Protection Fund - Class II

American Century VP Large Company Value Fund - Class I

American Century VP Large Company Value Fund - Class II

American Funds Insurance Series^®​:

American Funds Asset Allocation Fund - Class 1

American Funds Asset Allocation Fund - Class 1A

American Funds Asset Allocation Fund - Class 4

American Funds Capital Income Builder^®​ - Class 1

American Funds Capital Income Builder^®​ - Class 1A

American Funds Capital Income Builder^®​ - Class 4

American Funds Capital World Bond Fund - Class 1

American Funds Capital World Bond Fund - Class 1A

American Funds Capital World Growth and Income Fund - Class 1

American Funds Capital World Growth and Income Fund - Class 1A

American Funds Global Balanced Fund - Class 1

American Funds Global Balanced Fund - Class 1A

American Funds Global Growth Fund - Class 1

American Funds Global Growth Fund - Class 1A

American Funds Global Growth Fund - Class 2

American Funds Global Growth Fund - Class 4

American Funds Global Small Capitalization Fund - Class 1

American Funds Global Small Capitalization Fund - Class 1A

American Funds Global Small Capitalization Fund - Class 2

American Funds Global Small Capitalization Fund - Class 4

American Funds Growth Fund - Class 1

American Funds Growth Fund - Class 1A

American Funds Growth Fund - Class 2

American Funds Growth Fund - Class 4

American Funds Growth-Income Fund - Class 1

American Funds Growth-Income Fund - Class 1A

American Funds Growth-Income Fund - Class 2

American Funds Growth-Income Fund - Class 4

American Funds High-Income Trust - Class 1

American Funds High-Income Trust - Class 1A

American Funds International Fund - Class 1

American Funds International Fund - Class 1A

American Funds International Fund - Class 2

American Funds International Fund - Class 4

American Funds International Growth and Income Fund - Class 1

American Funds International Growth and Income Fund - Class 1A

American Funds Managed Risk Asset Allocation Fund - Class P1

American Funds Managed Risk Asset Allocation Fund - Class P2

American Funds Managed Risk Growth Fund - Class P1

American Funds Managed Risk Growth-Income Fund - Class P1

N-96

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

American Funds Managed Risk International Fund - Class P1

American Funds Managed Risk Washington Mutual Investors Fund - Class P1

American Funds Mortgage Fund - Class 1

American Funds Mortgage Fund - Class 1A

American Funds Mortgage Fund - Class 4

American Funds New World Fund^®​ - Class 1

American Funds New World Fund^®​ - Class 1A

American Funds New World Fund^®​ - Class 4

American Funds The Bond Fund of America - Class 1

American Funds The Bond Fund of America - Class 1A

American Funds U.S. Government Securities Fund - Class 1

American Funds U.S. Government Securities Fund - Class 1A

American Funds U.S. Government Securities Fund - Class 4**

American Funds Washington Mutual Investors Fund - Class 1

American Funds Washington Mutual Investors Fund - Class 1A

American Funds Washington Mutual Investors Fund - Class 4

Columbia Funds Variable Insurance Trust:

Columbia VP Strategic Income Fund - Class 1

Columbia VP Strategic Income Fund - Class 2

Columbia Funds Variable Insurance Trust II:

Columbia VP Commodity Strategy Fund - Class 1

Columbia VP Commodity Strategy Fund - Class 2

Columbia VP Emerging Markets Bond Fund - Class 1

Columbia VP Emerging Markets Bond Fund - Class 2

Delaware VIP^®​ Trust:

Delaware VIP^®​ Emerging Markets Series - Service Class

Delaware VIP^®​ Emerging Markets Series - Standard Class

Delaware VIP^®​ International Series - Standard Class

Delaware VIP^®​ Small Cap Value Series - Service Class

Delaware VIP^®​ Small Cap Value Series - Standard Class

Deutsche DWS Investments VIT Funds:

DWS Equity 500 Index VIP Portfolio - Class A

DWS Equity 500 Index VIP Portfolio - Class B**

DWS Small Cap Index VIP Portfolio - Class A

DWS Small Cap Index VIP Portfolio - Class B**

Deutsche DWS Variable Series II:

DWS Alternative Asset Allocation VIP Portfolio - Class A

DWS Alternative Asset Allocation VIP Portfolio - Class B

Eaton Vance Variable Trust:

Eaton Vance VT Floating-Rate Income Fund - ADV Class

Eaton Vance VT Floating-Rate Income Fund - Initial Class

Fidelity^®​ Variable Insurance Products:

Fidelity^®​ VIP Balanced Portfolio - Initial Class

Fidelity^®​ VIP Balanced Portfolio - Service Class 2

Fidelity^®​ VIP Consumer Discretionary Portfolio - Initial Class**

Fidelity^®​ VIP Consumer Discretionary Portfolio - Service Class 2

Fidelity^®​ VIP Consumer Staples Portfolio - Initial Class**

Fidelity^®​ VIP Consumer Staples Portfolio - Service Class 2

Fidelity^®​ VIP Contrafund^®​ Portfolio - Initial Class

Fidelity^®​ VIP Contrafund^®​ Portfolio - Service Class**

Fidelity^®​ VIP Contrafund^®​ Portfolio - Service Class 2

Fidelity^®​ VIP Financials Portfolio - Initial Class

Fidelity^®​ VIP Financials Portfolio - Service Class 2

Fidelity^®​ VIP FundsManager^®​ 50% Portfolio - Investor Class

Fidelity^®​ VIP FundsManager^®​ 50% Portfolio - Service Class 2

Fidelity^®​ VIP Growth Portfolio - Initial Class

Fidelity^®​ VIP Growth Portfolio - Service Class**

Fidelity^®​ VIP Growth Portfolio - Service Class 2

Fidelity^®​ VIP Mid Cap Portfolio - Initial Class

Fidelity^®​ VIP Mid Cap Portfolio - Service Class 2

Fidelity^®​ VIP Overseas Portfolio - Initial Class**

Fidelity^®​ VIP Overseas Portfolio - Service Class**

Fidelity^®​ VIP Overseas Portfolio - Service Class 2**

Fidelity^®​ VIP Strategic Income Portfolio - Initial Class

Fidelity^®​ VIP Strategic Income Portfolio - Service Class 2

Fidelity^®​ VIP Technology Portfolio - Initial Class

Fidelity^®​ VIP Technology Portfolio - Service Class 2

First Trust Variable Insurance Trust:

First Trust Capital Strength Hedged Equity Portfolio - Class I

First Trust Capital Strength Portfolio - Class I

First Trust Capital Strength Portfolio - Class II

First Trust Dorsey Wright Tactical Core Portfolio - Class I

First Trust Dorsey Wright Tactical Core Portfolio - Class II

First Trust Growth Strength Portfolio - Class I

First Trust International Developed Capital Strength Portfolio - Class I

First Trust International Developed Capital Strength Portfolio - Class II

First Trust Multi Income Allocation Portfolio - Class I

First Trust Multi Income Allocation Portfolio - Class II

First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I

First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II

N-97

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

Franklin Templeton Variable Insurance Products Trust:

Franklin Allocation VIP Fund - Class 1**

Franklin Allocation VIP Fund - Class 4

Franklin Income VIP Fund - Class 1

Franklin Income VIP Fund - Class 2

Franklin Income VIP Fund - Class 4

Franklin Mutual Shares VIP Fund - Class 1

Franklin Mutual Shares VIP Fund - Class 2

Franklin Mutual Shares VIP Fund - Class 4

Franklin Rising Dividends VIP Fund - Class 1

Franklin Rising Dividends VIP Fund - Class 4

Franklin Small Cap Value VIP Fund - Class 1

Franklin Small Cap Value VIP Fund - Class 4

Franklin Small-Mid Cap Growth VIP Fund - Class 1

Franklin Small-Mid Cap Growth VIP Fund - Class 2**

Franklin Small-Mid Cap Growth VIP Fund - Class 4

Templeton Foreign VIP Fund - Class 1

Templeton Foreign VIP Fund - Class 4

Templeton Global Bond VIP Fund - Class 1

Templeton Global Bond VIP Fund - Class 2

Templeton Global Bond VIP Fund - Class 4

Templeton Growth VIP Fund - Class 1**

Templeton Growth VIP Fund - Class 2

Goldman Sachs Variable Insurance Trust:

Goldman Sachs VIT Government Money Market Fund - Institutional Shares

Goldman Sachs VIT Government Money Market Fund - Service Shares

Goldman Sachs VIT Large Cap Value Fund - Service Shares

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares

Hartford Series Fund, Inc.:

Hartford Capital Appreciation HLS Fund - Class IA

Hartford Capital Appreciation HLS Fund - Class IC

Ivy Variable Insurance Portfolios:

Delaware Ivy VIP Asset Strategy Portfolio - Class I

Delaware Ivy VIP Asset Strategy Portfolio - Class II

Delaware Ivy VIP Energy Portfolio - Class I

Delaware Ivy VIP Energy Portfolio - Class II

Delaware Ivy VIP High Income Portfolio - Class I

Delaware Ivy VIP High Income Portfolio - Class II

Delaware Ivy VIP Mid Cap Growth Portfolio - Class I

Delaware Ivy VIP Mid Cap Growth Portfolio - Class II

Delaware Ivy VIP Science and Technology Portfolio - Class I

Delaware Ivy VIP Science and Technology Portfolio - Class II

Delaware Ivy VIP Small Cap Growth Portfolio - Class I

Delaware Ivy VIP Small Cap Growth Portfolio - Class II

Janus Aspen Series:

Janus Henderson Balanced Portfolio - Service Shares

Janus Henderson Enterprise Portfolio - Service Shares

Janus Henderson Global Research Portfolio - Service Shares

Legg Mason Partners Variable Equity Trust:

ClearBridge Variable Aggressive Growth Portfolio - Class I

ClearBridge Variable Aggressive Growth Portfolio - Class II

ClearBridge Variable Large Cap Growth Portfolio - Class I

ClearBridge Variable Large Cap Growth Portfolio - Class II

ClearBridge Variable Mid Cap Portfolio - Class I

ClearBridge Variable Mid Cap Portfolio - Class II

Franklin Multi-Asset Variable Conservative Growth - Class I

Franklin Multi-Asset Variable Conservative Growth - Class II

Lincoln Variable Insurance Products Trust*:

Lincoln Hedged Nasdaq-100 Fund - Service Class

Lincoln Hedged Nasdaq-100 Fund 2 - Service Class

Lincoln Hedged S&P 500 Conservative Fund - Service Class

Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class

Lincoln Hedged S&P 500 Fund - Service Class

Lincoln Hedged S&P 500 Fund 2 - Service Class

Lincoln Nasdaq-100 Buffer Fund Jun - Service Class

Lincoln Nasdaq-100 Buffer Fund Mar - Service Class

Lincoln Opportunistic Hedged Equity Fund - Service Class

Lincoln Opportunistic Hedged Equity Fund - Standard Class**

Lincoln S&P 500 Buffer Fund Feb - Service Class

Lincoln S&P 500 Buffer Fund May - Service Class

Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class

Lincoln S&P 500 Ultra Buffer Fund May - Service Class

LVIP American Balanced Allocation Fund - Service Class

LVIP American Balanced Allocation Fund - Standard Class

LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class

LVIP American Century Select Mid Cap Managed Volatility Fund - Standard Class**

LVIP American Global Balanced Allocation Managed Risk Fund - Service Class

LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class

LVIP American Global Growth Allocation Managed Risk Fund - Service Class

N-98

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

LVIP American Global Growth Allocation Managed Risk Fund - Standard Class

LVIP American Global Growth Fund - Service Class II

LVIP American Global Small Capitalization Fund - Service Class II

LVIP American Growth Allocation Fund - Service Class

LVIP American Growth Allocation Fund - Standard Class

LVIP American Growth Fund - Service Class II

LVIP American Growth-Income Fund - Service Class II

LVIP American Income Allocation Fund - Standard Class

LVIP American International Fund - Service Class II

LVIP American Preservation Fund - Service Class

LVIP American Preservation Fund - Standard Class

LVIP Baron Growth Opportunities Fund - Service Class

LVIP Baron Growth Opportunities Fund - Standard Class

LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class

LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class

LVIP BlackRock Global Allocation Fund - Service Class

LVIP BlackRock Global Allocation Fund - Standard Class

LVIP BlackRock Global Allocation Managed Risk Fund - Service Class

LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class**

LVIP BlackRock Inflation Protected Bond Fund - Service Class

LVIP BlackRock Inflation Protected Bond Fund - Standard Class

LVIP BlackRock Real Estate Fund - Service Class

LVIP BlackRock Real Estate Fund - Standard Class

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class**

LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class

LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class

LVIP Blended Mid Cap Managed Volatility Fund - Service Class

LVIP Blended Mid Cap Managed Volatility Fund - Standard Class

LVIP Channing Small Cap Value Fund - Service Class

LVIP Channing Small Cap Value Fund - Standard Class

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class

LVIP Delaware Bond Fund - Service Class

LVIP Delaware Bond Fund - Standard Class

LVIP Delaware Diversified Floating Rate Fund - Service Class

LVIP Delaware Diversified Floating Rate Fund - Standard Class

LVIP Delaware Diversified Income Fund - Service Class

LVIP Delaware Diversified Income Fund - Standard Class

LVIP Delaware High Yield Fund - Service Class

LVIP Delaware High Yield Fund - Standard Class

LVIP Delaware Limited-Term Diversified Income Fund - Service Class

LVIP Delaware Limited-Term Diversified Income Fund - Standard Class

LVIP Delaware Mid Cap Value Fund - Service Class

LVIP Delaware Mid Cap Value Fund - Standard Class

LVIP Delaware SMID Cap Core Fund - Service Class

LVIP Delaware SMID Cap Core Fund - Standard Class

LVIP Delaware Social Awareness Fund - Service Class

LVIP Delaware Social Awareness Fund - Standard Class

LVIP Delaware U.S. Growth Fund - Service Class

LVIP Delaware U.S. Growth Fund - Standard Class

LVIP Delaware U.S. REIT Fund - Service Class

LVIP Delaware U.S. REIT Fund - Standard Class

LVIP Delaware Value Fund - Service Class

LVIP Delaware Value Fund - Standard Class

LVIP Delaware Wealth Builder Fund - Service Class

LVIP Delaware Wealth Builder Fund - Standard Class

LVIP Dimensional International Core Equity Fund - Service Class

LVIP Dimensional International Core Equity Fund - Standard Class

LVIP Dimensional International Equity Managed Volatility Fund - Service Class

LVIP Dimensional International Equity Managed Volatility Fund - Standard Class

LVIP Dimensional U.S. Core Equity 1 Fund - Service Class

LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class

LVIP Dimensional U.S. Core Equity 2 Fund - Service Class

LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class

N-99

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class

LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class

LVIP Fidelity Institutional AM^®​ Select Core Equity Managed Volatility Fund - Service Class

LVIP Fidelity Institutional AM^®​ Select Core Equity Managed Volatility Fund - Standard Class

LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class

LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class

LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class

LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class

LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class

LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class

LVIP Global Conservative Allocation Managed Risk Fund - Service Class

LVIP Global Conservative Allocation Managed Risk Fund - Standard Class

LVIP Global Growth Allocation Managed Risk Fund - Service Class

LVIP Global Growth Allocation Managed Risk Fund - Standard Class

LVIP Global Moderate Allocation Managed Risk Fund - Service Class

LVIP Global Moderate Allocation Managed Risk Fund - Standard Class

LVIP Government Money Market Fund - Service Class

LVIP Government Money Market Fund - Standard Class

LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class

LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class

LVIP JPMorgan Core Bond Fund - Service Class

LVIP JPMorgan Core Bond Fund - Standard Class

LVIP JPMorgan High Yield Fund - Service Class

LVIP JPMorgan High Yield Fund - Standard Class

LVIP JPMorgan Mid Cap Value Fund - Service Class

LVIP JPMorgan Mid Cap Value Fund - Standard Class

LVIP JPMorgan Retirement Income Fund - Service Class

LVIP JPMorgan Retirement Income Fund - Standard Class

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class

LVIP JPMorgan Small Cap Core Fund - Service Class

LVIP JPMorgan Small Cap Core Fund - Standard Class

LVIP JPMorgan U.S. Equity Fund - Service Class

LVIP JPMorgan U.S. Equity Fund - Standard Class

LVIP Loomis Sayles Global Growth Fund - Service Class

LVIP Loomis Sayles Global Growth Fund - Standard Class

LVIP MFS International Equity Managed Volatility Fund - Service Class

LVIP MFS International Equity Managed Volatility Fund - Standard Class**

LVIP MFS International Growth Fund - Service Class

LVIP MFS International Growth Fund - Standard Class

LVIP MFS Value Fund - Service Class

LVIP MFS Value Fund - Standard Class

LVIP Mondrian Global Income Fund - Service Class

LVIP Mondrian Global Income Fund - Standard Class

LVIP Mondrian International Value Fund - Service Class

LVIP Mondrian International Value Fund - Standard Class

LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class

LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class

LVIP PIMCO Low Duration Bond Fund - Service Class

LVIP PIMCO Low Duration Bond Fund - Standard Class

LVIP SSGA Bond Index Fund - Service Class

LVIP SSGA Bond Index Fund - Standard Class

LVIP SSGA Conservative Index Allocation Fund - Service Class

LVIP SSGA Conservative Index Allocation Fund - Standard Class

LVIP SSGA Emerging Markets Equity Index Fund - Service Class

LVIP SSGA Emerging Markets Equity Index Fund - Standard Class

LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class

LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class

N-100

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

LVIP SSGA International Index Fund - Service Class

LVIP SSGA International Index Fund - Standard Class

LVIP SSGA International Managed Volatility Fund - Service Class

LVIP SSGA International Managed Volatility Fund - Standard Class

LVIP SSGA Large Cap Managed Volatility Fund - Service Class

LVIP SSGA Large Cap Managed Volatility Fund - Standard Class**

LVIP SSGA Mid-Cap Index Fund - Service Class

LVIP SSGA Mid-Cap Index Fund - Standard Class

LVIP SSGA Moderate Index Allocation Fund - Service Class

LVIP SSGA Moderate Index Allocation Fund - Standard Class

LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class

LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class

LVIP SSGA Nasdaq-100 Index Fund - Service Class

LVIP SSGA Nasdaq-100 Index Fund - Standard Class

LVIP SSGA S&P 500 Index Fund - Service Class

LVIP SSGA S&P 500 Index Fund - Standard Class

LVIP SSGA Short-Term Bond Index Fund - Service Class

LVIP SSGA Short-Term Bond Index Fund - Standard Class

LVIP SSGA Small-Cap Index Fund - Service Class

LVIP SSGA Small-Cap Index Fund - Standard Class

LVIP SSGA SMID Cap Managed Volatility Fund - Service Class

LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class

LVIP Structured Conservative Allocation Fund - Service Class

LVIP Structured Conservative Allocation Fund - Standard Class

LVIP Structured Moderate Allocation Fund - Service Class

LVIP Structured Moderate Allocation Fund - Standard Class

LVIP Structured Moderately Aggressive Allocation Fund - Service Class

LVIP Structured Moderately Aggressive Allocation Fund - Standard Class

LVIP T. Rowe Price 2020 Fund - Service Class

LVIP T. Rowe Price 2020 Fund - Standard Class**

LVIP T. Rowe Price 2030 Fund - Service Class

LVIP T. Rowe Price 2030 Fund - Standard Class**

LVIP T. Rowe Price 2040 Fund - Service Class

LVIP T. Rowe Price 2040 Fund - Standard Class**

LVIP T. Rowe Price Growth Stock Fund - Service Class

LVIP T. Rowe Price Growth Stock Fund - Standard Class

LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class

LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class

LVIP U.S. Growth Allocation Managed Risk Fund - Service Class

LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class

LVIP Vanguard Bond Allocation Fund - Service Class

LVIP Vanguard Bond Allocation Fund - Standard Class

LVIP Vanguard Domestic Equity ETF Fund - Service Class

LVIP Vanguard Domestic Equity ETF Fund - Standard Class

LVIP Vanguard International Equity ETF Fund - Service Class

LVIP Vanguard International Equity ETF Fund - Standard Class

LVIP Wellington Capital Growth Fund - Service Class

LVIP Wellington Capital Growth Fund - Standard Class

LVIP Wellington SMID Cap Value Fund - Service Class

LVIP Wellington SMID Cap Value Fund - Standard Class

LVIP Western Asset Core Bond Fund - Service Class

LVIP Western Asset Core Bond Fund - Standard Class

Lord Abbett Series Fund, Inc.:

Lord Abbett Series Fund Bond Debenture Portfolio - Class VC

Lord Abbett Series Fund Developing Growth Portfolio - Class VC

Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC

Lord Abbett Series Fund Short Duration Income Portfolio - Class VC

MFS^®​ Variable Insurance Trust:

MFS^®​ VIT Growth Series - Initial Class

MFS^®​ VIT Growth Series - Service Class

MFS^®​ VIT Total Return Series - Initial Class

MFS^®​ VIT Total Return Series - Service Class

MFS^®​ VIT Utilities Series - Initial Class

MFS^®​ VIT Utilities Series - Service Class

MFS^®​ Variable Insurance Trust II:

MFS^®​ VIT II Core Equity Portfolio - Service Class

MFS^®​ VIT II International Intrinsic Value Portfolio - Initial Class

MFS^®​ VIT II International Intrinsic Value Portfolio - Service Class

N-101

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

Morgan Stanley Variable Insurance Fund, Inc. (VIF):

Morgan Stanley VIF Global Infrastructure Portfolio - Class I

Morgan Stanley VIF Global Infrastructure Portfolio - Class II

Morgan Stanley VIF Growth Portfolio - Class II

Neuberger Berman Advisers Management Trust:

Neuberger Berman AMT Mid Cap Growth Portfolio - I Class**

Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class

Northern Lights Variable Trust:

TOPS^®​ Balanced ETF Portfolio - Service Class Shares

TOPS^®​ Moderate Growth ETF Portfolio - Service Class Shares

PIMCO Variable Insurance Trust:

PIMCO VIT All Asset Portfolio - Advisor Class

PIMCO VIT All Asset Portfolio - Institutional Class

PIMCO VIT CommodityRealReturn^®​ Strategy Portfolio - Administrative Class**

PIMCO VIT CommodityRealReturn^®​ Strategy Portfolio - Advisor Class

PIMCO VIT CommodityRealReturn^®​ Strategy Portfolio - Institutional Class

PIMCO VIT Dynamic Bond Portfolio - Advisor Class

PIMCO VIT Dynamic Bond Portfolio - Institutional Class

PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class

PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class

Putnam Variable Trust:

Putnam VT George Putnam Balanced Fund - Class IA

Putnam VT George Putnam Balanced Fund - Class IB

Putnam VT Global Health Care Fund - Class IA

Putnam VT Global Health Care Fund - Class IB

Putnam VT Income Fund - Class IA

Putnam VT Income Fund - Class IB

Putnam VT Large Cap Value Fund - Class IA

Putnam VT Large Cap Value Fund - Class IB

Putnam VT Sustainable Future Fund - Class IA**

Putnam VT Sustainable Future Fund - Class IB

Putnam VT Sustainable Leaders Fund - Class IA

Putnam VT Sustainable Leaders Fund - Class IB

Rydex Variable Trust:

Guggenheim VT Long Short Equity

Guggenheim VT Multi-Hedge Strategies

VanEck VIP Trust:

VanEck VIP Global Resources Fund - Class S Shares

VanEck VIP Global Resources Fund - Initial Class Shares

Virtus Variable Insurance Trust:

Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares

Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares

*  Denotes an affiliate of the Company

**  Available fund with no money invested at December 31, 2023

Each subaccount invests in shares of a single underlying Fund. The investment performance of each subaccount will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders' investments in the Funds and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.

Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2023. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.

Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.

Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.

ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.

N-102

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

Dividends: Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date. Dividend income is recorded on the ex-dividend date.

Federal Income Taxes: Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment

company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's net investment income and the net realized gain (loss) on investments.

Annuity Reserves: Reserves on contracts not involving life contingencies are calculated using an assumed investment return of 3%, 4%, 5% or 6%, as approved in each state. Reserves on contracts involving life contingencies are calculated using an assumed investment return of 3%, 4%, 5% or 6%, as approved in each state, and mortality tables based on issue year. For issue years 2015 and later, the 2012 IAM Table is used. Issue years 1998 to 2014 use the A2000 individual mortality table. Issue years 1985 to 1997 use the 1983a individual mortality table. Issue years 1976 to 1985 use the 1971 individual mortality table. Tables used for issues prior to 1976 include the Code Progressive with 4-year setback table and Code 49 table.

Investment Fund Changes: During 2022, the following funds became available as investment options for account contract owners. Accordingly, for the subaccounts that commenced operations during 2022, the 2022 statements of changes in net assets and total return and investment income ratios in note 3 are for the period from the commencement of operations to December 31, 2022:

Lincoln Nasdaq-100 Buffer Fund Mar - Service Class	LVIP Channing Small Cap Value Fund - Service Class
Lincoln S&P 500 Buffer Fund Feb - Service Class	LVIP Channing Small Cap Value Fund - Standard Class
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class	Putnam VT Sustainable Future Fund - Class IB
LVIP BlackRock Global Allocation Fund - Service Class	Putnam VT Sustainable Leaders Fund - Class IB
LVIP BlackRock Global Allocation Fund - Standard Class

Also during 2022, the following funds changed their names:

Previous Fund Name	New Fund Name
AB VPS Global Thematic Growth Portfolio - Class A	AB VPS Sustainable Global Thematic Portfolio - Class A
AB VPS Global Thematic Growth Portfolio - Class B	AB VPS Sustainable Global Thematic Portfolio - Class B
Invesco V.I. International Growth Fund - Series I Shares	Invesco V.I. EQV International Equity Fund - Series I Shares
Invesco V.I. International Growth Fund - Series II Shares	Invesco V.I. EQV International Equity Fund - Series II Shares

Also during 2022, the following fund substitutions occurred:

Previous Fund Name	New Fund Name
BlackRock Global Allocation V.I. Fund - Class I	LVIP BlackRock Global Allocation Fund - Standard Class
BlackRock Global Allocation V.I. Fund - Class III	LVIP BlackRock Global Allocation Fund - Service Class

Also during 2022, the following fund mergers occurred:

Fund Acquired	Acquiring Fund
LVIP BlackRock Advantage Allocation Fund - Service Class	LVIP BlackRock Global Allocation Fund - Service Class
LVIP BlackRock Advantage Allocation Fund - Standard Class	LVIP BlackRock Global Allocation Fund - Standard Class
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Service Class	LVIP BlackRock Global Allocation Fund - Service Class
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Standard Class	LVIP BlackRock Global Allocation Fund - Standard Class
LVIP T. Rowe Price 2010 Fund - Service Class	LVIP JPMorgan Retirement Income Fund - Service Class
LVIP T. Rowe Price 2010 Fund - Standard Class	LVIP JPMorgan Retirement Income Fund - Standard Class

Also during 2022, the following funds ceased to be available as investment options to Variable Account contract owners:

Lincoln iShares®​ Fixed Income Allocation Fund - Standard Class	Lincoln iShares®​ U.S. Moderate Allocation Fund - Standard Class
Lincoln iShares®​ Global Growth Allocation Fund - Standard Class

N-103

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

During 2023, the following funds became available as investment options for account contract owners. Accordingly, for the subaccounts that commenced operations during 2023, the 2023 statement of operations and statements of changes in net assets and total return and investment income ratios in note 3 are for the period from the commencement of operations to December 31, 2023:

Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class	First Trust Growth Strength Portfolio - Class I
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2	Lincoln Opportunistic Hedged Equity Fund - Service Class
Fidelity®​ VIP Consumer Staples Portfolio - Initial Class	Lincoln Opportunistic Hedged Equity Fund - Standard Class
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2	LVIP JPMorgan Mid Cap Value Fund - Service Class
Fidelity®​ VIP Financials Portfolio - Initial Class	LVIP JPMorgan Mid Cap Value Fund - Standard Class
Fidelity®​ VIP Financials Portfolio - Service Class 2	LVIP JPMorgan Small Cap Core Fund - Service Class
Fidelity®​ VIP Technology Portfolio - Initial Class	LVIP JPMorgan U.S. Equity Fund - Service Class
Fidelity®​ VIP Technology Portfolio - Service Class 2	Putnam VT Sustainable Future Fund - Class IA
First Trust Capital Strength Hedged Equity Portfolio - Class I	Putnam VT Sustainable Leaders Fund - Class IA

Also during 2023, the Lincoln Variable Insurance Products Trust assumed the assets and liabilities of the JPMorgan Insurance Trust. The following funds were affected:

Predecessor Fund	Fund
JPMorgan Insurance Trust Core Bond Portfolio - Class 2	LVIP JPMorgan Core Bond Fund - Service Class
JPMorgan Insurance Trust Core Bond Portfolio - Class 1	LVIP JPMorgan Core Bond Fund - Standard Class
JPMorgan Insurance Trust Small Cap Core Portfolio - Class 1	LVIP JPMorgan Small Cap Core Fund - Standard Class
JPMorgan Insurance Trust U.S. Equity Portfolio - Class 1	LVIP JPMorgan U.S. Equity Fund - Standard Class

Also during 2023, the following funds changed their names:

Previous Fund Name	New Fund Name
AB VPS Small/Mid Cap Value Portfolio - Class A	AB VPS Discovery Value Portfolio - Class A
AB VPS Small/Mid Cap Value Portfolio - Class B	AB VPS Discovery Value Portfolio - Class B
AB VPS Growth and Income Portfolio - Class A	AB VPS Relative Value Portfolio - Class A
AB VPS Growth and Income Portfolio - Class B	AB VPS Relative Value Portfolio - Class B
ALPS/Red Rocks Global Opportunity Portfolio - Class I	ALPS Global Opportunity Portfolio - Class I
ALPS/Red Rocks Global Opportunity Portfolio - Class III	ALPS Global Opportunity Portfolio - Class III
Lincoln Nasdaq-100 Buffer Fund Sep - Service Class	Lincoln Hedged Nasdaq-100 Fund - Service Class
Lincoln Nasdaq-100 Buffer Fund Dec - Service Class	Lincoln Hedged Nasdaq-100 Fund 2 - Service Class
Lincoln S&P 500 Ultra Buffer Fund Aug - Service Class	Lincoln Hedged S&P 500 Conservative Fund - Service Class
Lincoln S&P 500 Buffer Fund Aug - Service Class	Lincoln Hedged S&P 500 Fund - Service Class
LVIP BlackRock Global Real Estate Fund - Service Class	LVIP BlackRock Real Estate Fund - Service Class
LVIP BlackRock Global Real Estate Fund - Standard Class	LVIP BlackRock Real Estate Fund - Standard Class
LVIP Delaware REIT Fund - Service Class	LVIP Delaware U.S. REIT Fund - Service Class
LVIP Delaware REIT Fund - Standard Class	LVIP Delaware U.S. REIT Fund - Standard Class
LVIP SSGA Emerging Markets 100 Fund - Service Class	LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class
LVIP SSGA Emerging Markets 100 Fund - Standard Class	LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class
LVIP SSGA Developed International 150 Fund - Service Class	LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class
LVIP SSGA Developed International 150 Fund - Standard Class	LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class
LVIP SSGA Large Cap 100 Fund - Service Class	LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class
LVIP SSGA Large Cap 100 Fund - Standard Class	LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class
LVIP SSGA Small-Mid Cap 200 Fund - Service Class	LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class
LVIP SSGA Small-Mid Cap 200 Fund - Standard Class	LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class
LVIP Global Income Fund - Service Class	LVIP Mondrian Global Income Fund - Service Class
LVIP Global Income Fund - Standard Class	LVIP Mondrian Global Income Fund - Standard Class
LVIP SSGA Conservative Structured Allocation Fund - Service Class	LVIP Structured Conservative Allocation Fund - Service Class
LVIP SSGA Conservative Structured Allocation Fund - Standard Class	LVIP Structured Conservative Allocation Fund - Standard Class
LVIP SSGA Moderate Structured Allocation Fund - Service Class	LVIP Structured Moderate Allocation Fund - Service Class

N-104

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

1. Accounting Policies and Variable Account Information (continued)

Previous Fund Name	New Fund Name
LVIP SSGA Moderate Structured Allocation Fund - Standard Class	LVIP Structured Moderate Allocation Fund - Standard Class
LVIP SSGA Moderately Aggressive Structured Allocation Fund - Service Class	LVIP Structured Moderately Aggressive Allocation Fund - Service Class
LVIP SSGA Moderately Aggressive Structured Allocation Fund - Standard Class	LVIP Structured Moderately Aggressive Allocation Fund - Standard Class

Also during 2023, the following funds ceased to be available as investment options to Variable Account contract owners:

JPMorgan Insurance Trust Global Allocation Portfolio - Class 1	JPMorgan Insurance Trust Income Builder Portfolio - Class 2
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2	Putnam VT Multi-Asset Absolute Return Fund - Class IA
JPMorgan Insurance Trust Income Builder Portfolio - Class 1	Putnam VT Multi-Asset Absolute Return Fund - Class IB

2. Mortality and Expense Guarantees and Other Transactions with Affiliates

Amounts are paid to the Company for mortality and expense guarantees at a percentage of the current value of the Variable Account each day. The mortality and expense risk charges for each of the variable subaccounts are reported in the statements of operations. The ranges of rates are as follows for the fifty contract types within the Variable Account:

•  Lincoln ChoicePlus at a daily rate of .0038356% to .0086301% (1.40% to 3.15% on an annual basis).

•  Lincoln ChoicePlus Access at a daily rate of .0038356% to .0093151% (1.40% to 3.40% on an annual basis).

•  Lincoln ChoicePlus Advisory at a daily rate of .0005479% to .0060274% (.20% to 2.20% on an annual basis).

•  Lincoln ChoicePlus Assurance (Prime) at a daily rate of .0034247% to .0089041% (1.25% to 3.25% on an annual basis).

•  Lincoln ChoicePlus Assurance A Class at a daily rate of .0016438% to .0063014% (.60% to 2.30% on an annual basis).

•  Lincoln ChoicePlus Assurance A Share at a daily rate of .0016438% to .0075342% (.60% to 2.75% on an annual basis).

•  Lincoln ChoicePlus Assurance A Share Fee-Based at a daily rate of .0016438% to .0071233% (.60% to 2.60% on an annual basis).

  For policies issued on or after to 5/22/17 at a daily rate of .0005479% to .0061644% (.20% to 2.25% on an annual basis).

•  Lincoln ChoicePlus Assurance B Class at a daily rate of .0034247% to .0076712% (1.25% to 2.80% on an annual basis).

•  Lincoln ChoicePlus Assurance B Share at a daily rate of .0034247% to .0089041% (1.25% to 3.25% on an annual basis).

•  Lincoln ChoicePlus Assurance Bonus at a daily rate of .0038356% to .0091781% (1.40% to 3.35% on an annual basis).

•  Lincoln ChoicePlus Assurance C Share at a daily rate of .0038356% to .0100000% (1.40% to 3.65% on an annual basis).

•  Lincoln ChoicePlus Assurance L Share at a daily rate of .0038356% to .0100000% (1.40% to 3.65% on an annual basis).

•  Lincoln ChoicePlus Assurance Series B-Share at a daily rate of .0034247% to .0089041% (1.25% to 3.25% on an annual basis).

•  Lincoln ChoicePlus Assurance Series C-Share at a daily rate of .0038356% to .0100000% (1.40% to 3.65% on an annual basis).

•  Lincoln ChoicePlus Assurance Series L-Share at a daily rate of .0038356% to .0100000% (1.40% to 3.65% on an annual basis).

•  Lincoln ChoicePlus Bonus at a daily rate of .0038356% to .0091781% (1.40% to 3.35% on an annual basis).

•  Lincoln ChoicePlus Design 1 at a daily rate of .0030137% to .0084932% (1.10% to 3.10% on an annual basis).

•  Lincoln ChoicePlus Design 2 at a daily rate of .0030137% to .0097260% (1.10% to 3.55% on an annual basis).

•  Lincoln ChoicePlus Design 3 at a daily rate of .0030137% to .0097260% (1.10% to 3.55% on an annual basis).

•  Lincoln ChoicePlus Fusion at a daily rate of .0021918% to .0064384% (.80% to 2.35% on an annual basis).

•  Lincoln ChoicePlus Rollover at a daily rate of .0027397% to .0082192% (1.00% to 3.00% on an annual basis).

•  Lincoln ChoicePlus Select B-Share at a daily rate of .0026027% to .0082192% (.95% to 3.00% on an annual basis).

•  Lincoln ChoicePlus Signature 1 at a daily rate of .0034247% to .0089041% (1.25% to 3.25% on an annual basis).

•  Lincoln ChoicePlus Signature 2 at a daily rate of .0038356% to .0098630% (1.40% to 3.60% on an annual basis).

N-105

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

2. Mortality and Expense Guarantees and Other Transactions with Affiliates (continued)

•  Lincoln ChoicePlus II at a daily rate of .0035616% to .0086301% (1.30% to 3.15% on an annual basis).

•  Lincoln ChoicePlus II Access at a daily rate of .0038356% to .0093151% (1.40% to 3.40% on an annual basis).

•  Lincoln ChoicePlus II Advance at a daily rate of .0038356% to .0094521% (1.40% to 3.45% on an annual basis).

•  Lincoln ChoicePlus II Bonus at a daily rate of .0038356% to .0091781% (1.40% to 3.35% on an annual basis).

•  Lincoln Core Income at a daily rate of .0015068% to .0031506% (.55% to 1.15% on an annual basis).

•  Lincoln InvestmentSolutions at a daily rate of .0016438% to .0071233% (.60% to 2.60% on an annual basis).

•  Lincoln InvestmentSolutions RIA at a daily rate of .0010959% to .0065753% (.40% to 2.40% on an annual basis).

•  Lincoln Investor Advantage Advisory at a daily rate of .0002739% to .0013699% (.10% to .50% on an annual basis).

•  Lincoln Investor Advantage Advisory Choice at a daily rate of .0000000% to .0011096% (.00% to .40% on an annual basis).

•  Lincoln Investor Advantage B-Share at a daily rate of .0026027% to .0041096% (.95% to 1.50% on an annual basis).

•  Lincoln Investor Advantage C-Share at a daily rate of .0034247% to .0045205% (1.25% to 1.65% on an annual basis).

•  Lincoln Investor Advantage Fee-Based at a daily rate of .0004110% to .0019178% (.15% to .70% on an annual basis).

•  Lincoln Investor Advantage RIA at a daily rate of .0006849% to .0021918% (.25% to .80% on an annual basis).

•  Lincoln Investor Advantage RIA Class at a daily rate of .0009589% to .0020548% (.35% to .75% on an annual basis).

•  Lincoln Investor Advantage Pro Advisory at a daily rate of .0002739% to .0013699% (.10% to .50% on an annual basis).

•  Lincoln Investor Advantage Pro Advisory Choice at a daily rate of .0000000% to .0011096% (.00% to .40% on an annual basis).

•  Lincoln Investor Advantage Pro B-Share at a daily rate of .0026027% to .0041096% (.95% to 1.50% on an annual basis).

•  Lincoln Investor Advantage Pro C-Share at a daily rate of .0034247% to .0045205% (1.25% to 1.65% on an annual basis).

•  Lincoln Level Advantage Access B Share at a daily rate of .0030137% to .0035616% (1.10% to 1.30% on an annual basis).

•  Lincoln Level Advantage Advisory at a daily rate of .0002740% to .0008219% (.10% to .30% on an annual basis).

•  Lincoln Level Advantage Advisory Class at a daily rate of .0008219% (.30% on an annual basis).

•  Lincoln Level Advantage B Class at a daily rate of .0035616% (1.30% on an annual basis).

•  Lincoln Level Advantage B Share at a daily rate of .0030137% to .0035616% (1.10% to 1.30% on an annual basis).

•  Lincoln Level Advantage Design Advisory at a daily rate of .0002740% to .0008219% (.10% to .30% on an annual basis).

•  Lincoln Level Advantage Design B Share at a daily rate of .0030137% to .0035616% (1.10% to 1.30% on an annual basis).

•  Lincoln Level Advantage Select B Share at a daily rate of .0030137% to .0035616% (1.10% to 1.30% on an annual basis).

The Company charges an annual account fee which varies by product. Refer to the product prospectus for the account fee rate. The account fees are for items such as processing applications, issuing contracts, policy value calculation, confirmations and periodic reports. The Company, upon surrender of a policy, may assess a surrender charge. Amounts retained by the Company for account fees and surrender charges for 2023 and 2022 were $505,388,217 and $510,139,711, respectively.

For the Lincoln ChoicePlus Assurance A Share, Lincoln ChoicePlus Assurance A Share Fee-Based and Lincoln ChoicePlus Assurance A Class products, a front-end load or sales charge is applied as a percentage (5.75% maximum) to all gross purchase payments. For the Lincoln ChoicePlus Fusion product, a premium based charge or sales charge is applied on a quarterly basis over a seven year period as a percentage (.175% maximum per quarter) of all purchase payments received. For the years ending December 31, 2023 and 2022, sales charges amounted to $50,532 and $72,243, respectively.

Surrender, contract and all other charges are included within Net unit transactions on the Statements of Changes in Net Assets.

N-106

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights

A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable annuity contracts as of and for each year or period in the five years ended December 31, 2023, follows:

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
AB VPS Discovery Value Portfolio - Class A
		2023			0.35	%		0.80	%	$	17.08	$	19.18		31,780	$	588,207		16.25	%		16.77	%		1.07	%
		2022			0.35	%		0.80	%		15.06		16.43		34,066		539,687		-16.30	%		-15.92	%		1.09	%
		2021			0.35	%		0.80	%		17.92		19.56		37,748		711,565		34.87	%		35.47	%		0.71	%
		2020			0.35	%		0.80	%		13.23		14.44		68,698		935,945		2.55	%		3.01	%		1.19	%
		2019			0.35	%		0.80	%		12.84		14.03		64,185		852,143		19.14	%		19.68	%		0.61	%
AB VPS Discovery Value Portfolio - Class B
		2023			0.00	%		3.30	%		9.04		59.24		6,317,499		214,180,672		13.07	%		16.86	%		0.82	%
		2022			0.00	%		3.30	%		12.60		51.41		6,626,036		200,014,624		-18.55	%		-15.82	%		0.83	%
		2021			0.00	%		3.30	%		15.47		61.93		6,908,052		260,686,099		31.21	%		35.47	%		0.60	%
		2020			0.10	%		3.30	%		11.49		46.31		6,751,352		208,398,187		-0.29	%		2.95	%		0.82	%
		2019			0.10	%		3.30	%		11.83		45.57		6,383,433		200,074,400		16.01	%		19.78	%		0.32	%
AB VPS International Value Portfolio - Class B
		2020			1.25	%		1.25	%		8.51		8.51		120		1,018		0.96	%		0.96	%		1.60	%
		2019			1.25	%		1.25	%		8.43		8.43		123		1,034		15.33	%		15.33	%		0.82	%
AB VPS Large Cap Growth Portfolio - Class B
		2023			1.30	%		2.70	%		9.20		68.00		306,631		9,806,708		31.20	%		33.05	%		0.00	%
		2022			1.30	%		2.80	%		20.81		51.11		330,778		8,013,832		-30.66	%		-29.61	%		0.00	%
		2021			1.30	%		2.80	%		29.71		72.61		321,645		12,375,493		25.10	%		26.99	%		0.00	%
		2020			1.30	%		2.80	%		23.51		57.18		377,027		11,755,837		31.42	%		33.40	%		0.00	%
		2019			1.30	%		2.80	%		17.72		42.86		402,252		9,392,883		30.66	%		32.63	%		0.00	%
AB VPS Sustainable Global Thematic Portfolio - Class B
		2023			0.20	%		3.25	%		7.78		37.65		1,343,429		31,491,296		12.00	%		15.47	%		0.03	%
		2022			0.20	%		3.15	%		8.46		33.15		1,489,674		31,230,397		-29.43	%		-27.31	%		0.00	%
		2021			0.20	%		3.20	%		11.82		46.37		1,538,172		45,145,814		18.72	%		22.20	%		0.00	%
		2020			0.30	%		3.20	%		9.82		38.54		1,585,528		38,814,294		34.67	%		38.67	%		0.45	%
		2019			0.30	%		3.20	%		7.19		28.22		1,703,174		30,561,980		25.72	%		29.39	%		0.15	%
ALPS Global Opportunity Portfolio - Class I
		2023			0.35	%		0.80	%		18.17		19.81		13,540		262,534		28.19	%		28.77	%		0.00	%
		2022			0.35	%		0.80	%		14.18		15.39		13,918		209,812		-29.25	%		-28.93	%		15.34	%
		2021			0.35	%		0.80	%		20.04		21.65		10,796		227,781		23.49	%		24.04	%		4.64	%
		2020			0.35	%		0.80	%		16.23		17.46		13,185		225,476		8.69	%		9.19	%		11.12	%
		2019			0.35	%		0.80	%		14.93		15.99		10,534		163,800		39.22	%		39.85	%		0.00	%
ALPS Global Opportunity Portfolio - Class III
		2023			0.00	%		1.65	%		10.73		19.43		648,456		10,386,767		26.69	%		28.80	%		0.00	%
		2022			0.00	%		1.65	%		10.50		15.10		825,736		10,459,261		-30.07	%		-28.91	%		11.85	%
		2021			0.00	%		1.65	%		15.57		21.26		903,620		16,448,476		21.91	%		23.81	%		4.30	%
		2020			0.10	%		1.65	%		12.74		17.17		927,691		13,889,927		7.46	%		9.14	%		11.26	%
		2019			0.10	%		1.65	%		11.82		15.73		1,079,967		15,216,380		37.55	%		39.70	%		0.00	%
ALPS/Alerian Energy Infrastructure Portfolio - Class I
		2023			0.35	%		0.75	%		12.03		14.66		193,816		2,820,856		13.39	%		13.85	%		4.72	%
		2022			0.35	%		0.40	%		10.57		12.88		141,500		1,806,738		17.37	%		17.43	%		5.11	%
		2021			0.35	%		0.40	%		9.01		10.97		80,817		877,960		37.70	%		37.77	%		2.19	%
		2020			0.35	%		0.40	%		6.54		7.96		92,335		728,968		-25.16	%		-25.12	%		4.42	%
		2019			0.35	%		0.40	%		8.74		10.63		44,988		467,521		20.26	%		20.32	%		2.07	%
ALPS/Alerian Energy Infrastructure Portfolio - Class III
		2023			0.00	%		1.65	%		10.28		18.60		1,671,638		21,395,049		12.04	%		13.91	%		2.93	%
		2022			0.00	%		1.65	%		9.18		16.33		2,333,678		26,304,411		15.40	%		17.32	%		4.21	%
		2021			0.00	%		1.65	%		7.95		10.87		2,556,909		25,104,013		35.52	%		37.63	%		2.88	%
		2020			0.10	%		1.65	%		5.87		7.90		1,400,938		9,809,663		-26.35	%		-25.20	%		7.01	%
		2019			0.10	%		1.65	%		7.97		10.56		583,669		4,962,021		18.44	%		20.29	%		1.57	%
ALPS/Stadion Core ETF Portfolio - Class I
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.11	%
ALPS/Stadion Core ETF Portfolio - Class III
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		1.95	%

N-107

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
ALPS/Stadion Tactical Growth Portfolio - Class III
		2019			0.00	%		0.00	%	$	—	$	—		—	$	—		0.00	%		0.00	%		0.32	%
American Century VP Balanced Fund - Class I
		2023			0.35	%		1.10	%		15.50		16.14		69,235		1,108,604		15.13	%		16.00	%		2.15	%
		2022			0.35	%		1.10	%		13.46		13.91		38,180		524,315		-18.17	%		-17.56	%		1.21	%
		2021			0.35	%		1.10	%		16.45		16.87		39,720		663,324		14.50	%		15.37	%		0.69	%
		2020			0.35	%		1.10	%		14.37		14.63		41,430		601,320		11.30	%		12.13	%		1.39	%
		2019			0.35	%		1.10	%		12.91		13.04		21,589		279,986		18.54	%		19.43	%		1.55	%
American Century VP Balanced Fund - Class II
		2023			0.00	%		3.25	%		9.01		16.61		9,161,476		136,107,489		12.41	%		16.12	%		1.69	%
		2022			0.00	%		3.25	%		9.18		14.35		9,263,192		120,754,943		-20.12	%		-17.47	%		0.97	%
		2021			0.00	%		3.25	%		12.99		17.24		9,164,751		148,045,370		11.79	%		15.36	%		0.47	%
		2020			0.10	%		3.25	%		13.21		15.01		8,888,857		126,659,194		8.68	%		12.16	%		0.97	%
		2019			0.10	%		3.25	%		12.22		13.43		7,659,272		98,855,604		15.74	%		19.27	%		1.31	%
American Century VP Inflation Protection Fund - Class II
		2023			2.15	%		2.15	%		11.77		11.77		1,346		15,844		1.20	%		1.20	%		3.26	%
		2022			2.15	%		2.15	%		11.63		11.63		1,464		17,038		-14.93	%		-14.93	%		4.91	%
		2021			2.15	%		2.15	%		13.68		13.68		1,588		21,716		4.01	%		4.01	%		3.07	%
		2020			2.15	%		2.15	%		13.15		13.15		1,716		22,568		7.22	%		7.22	%		1.33	%
		2019			2.15	%		2.15	%		12.26		12.26		1,850		22,685		6.59	%		6.59	%		2.33	%
American Century VP Large Company Value Fund - Class I
		2023			0.35	%		2.05	%		14.11		15.80		424,987		6,628,050		1.78	%		3.52	%		2.56	%
		2022			0.35	%		2.05	%		13.87		15.26		433,538		6,542,106		-2.29	%		-0.61	%		2.10	%
		2021			0.35	%		2.05	%		14.19		15.35		362,241		5,500,649		19.24	%		21.29	%		1.46	%
		2020			0.35	%		2.05	%		11.99		12.66		352,175		4,422,020		0.74	%		2.26	%		1.98	%
		2019			0.35	%		1.85	%		11.90		12.38		243,136		2,996,408		25.14	%		27.03	%		2.19	%
American Century VP Large Company Value Fund - Class II
		2023			0.00	%		3.50	%		9.78		15.91		7,445,749		107,350,285		0.21	%		3.78	%		2.45	%
		2022			0.00	%		3.00	%		11.67		15.35		8,046,361		113,390,220		-3.40	%		-0.46	%		2.01	%
		2021			0.00	%		3.00	%		13.49		15.43		4,762,204		68,518,831		17.94	%		21.41	%		1.31	%
		2020			0.10	%		3.00	%		11.44		12.71		3,741,067		44,915,364		-0.54	%		2.39	%		1.61	%
		2019			0.10	%		3.10	%		11.37		12.42		3,005,353		35,860,873		23.55	%		27.18	%		1.92	%
American Funds Asset Allocation Fund - Class 1
		2023			0.40	%		1.95	%		11.18		26.61		1,039,304		22,838,527		12.34	%		14.09	%		2.44	%
		2022			0.40	%		1.95	%		17.16		23.37		1,098,938		21,372,184		-14.87	%		-13.54	%		2.15	%
		2021			0.40	%		1.95	%		19.85		27.09		1,053,226		24,731,608		13.17	%		14.94	%		1.73	%
		2020			0.40	%		1.95	%		17.27		23.61		1,119,622		23,122,488		10.54	%		12.26	%		1.92	%
		2019			0.40	%		1.95	%		15.38		21.08		1,099,634		20,205,687		19.20	%		21.06	%		2.16	%
American Funds Asset Allocation Fund - Class 1A
		2023			0.35	%		1.85	%		14.94		16.59		1,953,140		32,034,680		12.22	%		13.92	%		2.34	%
		2022			0.35	%		1.85	%		13.31		14.56		1,839,067		26,532,150		-15.02	%		-13.74	%		2.14	%
		2021			0.35	%		1.85	%		15.67		16.88		1,432,276		24,074,567		13.02	%		14.73	%		1.91	%
		2020			0.35	%		1.85	%		13.86		14.72		989,334		14,485,246		10.37	%		12.04	%		1.83	%
		2019			0.35	%		1.85	%		12.56		13.14		814,765		10,654,834		18.97	%		20.77	%		2.13	%
American Funds Asset Allocation Fund - Class 4
		2023			0.00	%		1.65	%		10.42		18.84		17,818,139		266,135,120		12.16	%		14.02	%		2.01	%
		2022			0.00	%		1.65	%		9.29		16.58		18,624,173		248,941,509		-15.08	%		-13.66	%		1.70	%
		2021			0.00	%		1.65	%		12.51		19.26		17,644,983		282,327,497		12.96	%		14.84	%		1.45	%
		2020			0.00	%		1.65	%		12.32		16.82		14,431,809		211,800,551		10.32	%		12.05	%		1.45	%
		2019			0.10	%		1.65	%		11.14		15.04		14,427,833		197,384,725		18.95	%		20.80	%		1.86	%
American Funds Capital Income Builder®​ - Class 1
		2023			0.40	%		0.90	%		14.41		15.12		65,983		991,879		8.30	%		8.84	%		3.16	%
		2022			0.40	%		0.90	%		13.31		13.90		73,461		1,014,648		-7.73	%		-7.27	%		3.06	%
		2021			0.40	%		0.90	%		14.42		14.98		74,402		1,109,466		14.28	%		14.85	%		2.97	%
		2020			0.40	%		0.90	%		12.62		13.05		77,855		1,011,610		3.71	%		4.23	%		3.13	%
		2019			0.40	%		0.90	%		12.17		12.52		89,180		1,113,033		17.10	%		17.69	%		3.16	%

N-108

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
American Funds Capital Income Builder®​ - Class 1A
		2023			0.35	%		1.85	%	$	13.09	$	14.53		694,734	$	10,014,239		7.01	%		8.63	%		2.94	%
		2022			0.35	%		1.85	%		12.23		13.38		707,096		9,393,227		-8.76	%		-7.38	%		2.83	%
		2021			0.35	%		1.85	%		13.40		14.44		633,626		9,093,355		12.84	%		14.55	%		2.86	%
		2020			0.35	%		1.85	%		12.24		12.61		487,347		6,114,017		3.24	%		4.02	%		2.93	%
		2019			0.35	%		1.10	%		11.85		12.12		471,656		5,697,611		16.61	%		17.48	%		2.95	%
American Funds Capital Income Builder®​ - Class 4
		2023			0.00	%		1.65	%		10.68		14.84		4,408,534		56,908,544		6.98	%		8.76	%		2.73	%
		2022			0.00	%		1.65	%		9.99		13.66		4,338,420		52,269,332		-8.89	%		-7.37	%		2.56	%
		2021			0.00	%		1.65	%		12.26		14.76		4,212,800		55,737,245		12.81	%		14.68	%		2.52	%
		2020			0.00	%		1.65	%		11.12		12.88		3,891,761		45,738,644		2.41	%		4.01	%		2.62	%
		2019			0.10	%		1.65	%		10.83		12.38		4,226,743		48,420,144		15.69	%		17.50	%		2.67	%
American Funds Capital World Bond Fund - Class 1
		2023			0.60	%		2.15	%		8.52		10.37		237,645		2,380,236		4.12	%		5.75	%		0.00	%
		2022			0.60	%		2.15	%		8.19		9.80		251,610		2,389,808		-19.19	%		-17.93	%		0.30	%
		2021			0.60	%		2.15	%		10.13		11.95		256,077		2,971,792		-6.75	%		-5.30	%		1.94	%
		2020			0.60	%		2.15	%		10.86		12.61		245,126		3,011,504		7.83	%		9.51	%		1.42	%
		2019			0.60	%		2.15	%		10.08		11.52		270,386		3,042,027		5.78	%		7.43	%		1.83	%
American Funds Capital World Bond Fund - Class 1A
		2023			0.40	%		0.90	%		9.76		10.10		145,173		1,453,363		5.16	%		5.68	%		0.00	%
		2022			0.40	%		0.90	%		9.28		9.56		140,596		1,333,647		-18.43	%		-18.02	%		0.22	%
		2021			0.40	%		0.90	%		11.37		11.66		132,018		1,529,656		-5.73	%		-5.26	%		2.26	%
		2020			0.40	%		0.90	%		12.07		12.26		56,389		690,555		8.90	%		9.34	%		1.38	%
		2019			0.50	%		0.90	%		11.15		11.21		39,652		444,358		7.00	%		7.22	%		1.63	%
American Funds Capital World Growth and Income Fund - Class 1
		2023			0.60	%		1.90	%		22.41		26.41		58,858		1,505,968		18.94	%		20.49	%		2.14	%
		2022			0.60	%		1.90	%		18.85		21.92		63,157		1,335,132		-18.70	%		-17.63	%		2.60	%
		2021			0.60	%		1.90	%		23.18		26.61		64,952		1,668,026		12.87	%		14.34	%		1.85	%
		2020			0.60	%		1.90	%		20.54		23.28		68,263		1,536,873		6.98	%		8.38	%		1.49	%
		2019			0.60	%		1.90	%		19.20		21.48		75,278		1,571,104		28.92	%		30.60	%		2.17	%
American Funds Capital World Growth and Income Fund - Class 1A
		2023			0.40	%		0.90	%		17.28		17.89		306,487		5,436,095		19.79	%		20.39	%		1.94	%
		2022			0.40	%		0.70	%		14.60		14.86		311,647		4,600,407		-17.87	%		-17.62	%		2.42	%
		2021			0.40	%		0.70	%		17.77		18.04		318,236		5,712,399		13.91	%		14.26	%		2.27	%
		2020			0.40	%		0.70	%		15.60		15.79		151,028		2,375,561		8.01	%		8.34	%		1.44	%
		2019			0.40	%		0.70	%		14.45		14.53		130,018		1,889,440		30.13	%		30.39	%		2.30	%
American Funds Global Balanced Fund - Class 1
		2023			0.60	%		1.90	%		16.72		19.71		18,211		354,047		11.90	%		13.37	%		1.88	%
		2022			0.60	%		1.90	%		14.95		17.38		20,105		345,175		-15.94	%		-14.84	%		0.00	%
		2021			0.60	%		1.90	%		17.78		20.41		17,274		347,920		8.96	%		10.38	%		1.19	%
		2020			0.60	%		1.90	%		18.41		18.49		44,432		815,403		9.82	%		9.87	%		1.39	%
		2019			0.60	%		0.65	%		16.76		16.83		42,469		711,904		20.00	%		20.06	%		1.71	%
American Funds Global Balanced Fund - Class 1A
		2023			0.50	%		1.85	%		14.03		15.42		147,548		2,265,384		11.68	%		13.20	%		1.66	%
		2022			0.50	%		1.85	%		12.57		13.62		156,292		2,120,996		-16.13	%		-14.99	%		0.00	%
		2021			0.50	%		1.85	%		14.98		16.02		208,680		3,335,106		8.80	%		10.28	%		1.10	%
		2020			0.50	%		1.85	%		13.77		14.53		162,633		2,358,492		8.23	%		9.70	%		1.13	%
		2019			0.50	%		1.85	%		13.01		13.25		171,664		2,270,504		19.22	%		19.93	%		1.29	%
American Funds Global Growth Fund - Class 1
		2023			0.40	%		1.95	%		24.01		49.26		44,670		1,414,503		20.53	%		22.41	%		1.11	%
		2022			0.40	%		1.95	%		19.69		40.32		51,302		1,342,486		-26.00	%		-24.84	%		0.77	%
		2021			0.40	%		1.95	%		26.31		53.75		75,289		2,837,499		14.47	%		16.26	%		0.59	%
		2020			0.40	%		1.95	%		22.72		46.33		78,530		2,517,988		28.26	%		30.26	%		0.58	%
		2019			0.40	%		1.95	%		17.51		35.64		95,290		2,477,551		32.99	%		35.07	%		1.39	%
American Funds Global Growth Fund - Class 1A
		2023			0.35	%		2.05	%		19.30		21.73		739,917		15,842,254		20.11	%		22.17	%		0.93	%
		2022			0.35	%		2.05	%		16.07		17.79		732,861		12,866,548		-26.27	%		-25.00	%		0.70	%
		2021			0.35	%		2.05	%		21.79		23.72		700,949		16,444,653		14.09	%		16.04	%		0.38	%
		2020			0.35	%		2.05	%		19.10		20.44		515,212		10,430,259		27.84	%		30.03	%		0.37	%
		2019			0.35	%		2.05	%		15.03		15.72		420,030		6,560,863		32.74	%		34.74	%		1.22	%

N-109

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
American Funds Global Growth Fund - Class 2
		2023			0.60	%		3.45	%	$	8.44	$	49.08		6,275,009	$	238,820,729		18.45	%		21.87	%		0.88	%
		2022			0.60	%		3.45	%		14.56		40.56		6,939,614		228,027,397		-27.29	%		-25.19	%		0.66	%
		2021			0.60	%		3.45	%		20.03		54.60		7,145,108		331,592,236		12.47	%		15.72	%		0.33	%
		2020			0.60	%		3.45	%		17.81		47.51		8,121,738		328,767,271		26.04	%		29.69	%		0.35	%
		2019			0.60	%		3.45	%		14.13		36.89		9,402,590		296,684,633		30.69	%		34.47	%		1.08	%
American Funds Global Growth Fund - Class 4
		2023			0.00	%		1.65	%		9.40		24.00		6,499,381		115,580,738		20.29	%		22.29	%		0.72	%
		2022			0.00	%		1.65	%		7.79		19.69		6,283,728		93,630,152		-26.15	%		-24.92	%		0.44	%
		2021			0.00	%		1.65	%		13.51		26.30		5,973,967		124,611,582		14.24	%		16.14	%		0.21	%
		2020			0.00	%		1.65	%		14.67		22.71		4,705,276		89,354,404		28.04	%		30.04	%		0.15	%
		2019			0.10	%		1.65	%		11.42		17.50		4,428,445		67,752,680		32.67	%		34.74	%		1.00	%
American Funds Global Small Capitalization Fund - Class 1
		2023			0.40	%		1.85	%		16.58		33.69		52,294		1,245,387		14.32	%		15.99	%		0.49	%
		2022			0.40	%		1.85	%		14.35		29.10		52,793		1,096,232		-30.67	%		-29.65	%		0.00	%
		2021			0.40	%		1.85	%		20.48		41.46		55,839		1,645,115		5.02	%		6.55	%		0.00	%
		2020			0.40	%		1.85	%		19.30		38.99		57,975		1,593,283		27.66	%		29.53	%		0.21	%
		2019			0.40	%		1.90	%		14.96		30.16		63,858		1,426,291		29.36	%		31.32	%		0.39	%
American Funds Global Small Capitalization Fund - Class 1A
		2023			0.35	%		0.90	%		15.42		16.03		296,625		4,703,616		15.11	%		15.74	%		0.25	%
		2022			0.35	%		0.90	%		13.40		13.85		291,450		3,998,276		-30.18	%		-29.79	%		0.00	%
		2021			0.35	%		0.90	%		19.19		19.72		253,575		4,963,838		5.77	%		6.36	%		0.00	%
		2020			0.35	%		0.90	%		18.25		18.55		57,833		1,066,841		28.75	%		29.27	%		0.15	%
		2019			0.35	%		0.75	%		14.17		14.35		39,157		560,250		30.58	%		31.10	%		0.23	%
American Funds Global Small Capitalization Fund - Class 2
		2023			0.60	%		3.30	%		7.07		49.80		10,706,562		274,818,026		12.40	%		15.48	%		0.26	%
		2022			0.60	%		3.15	%		13.10		43.53		11,538,030		263,830,432		-31.74	%		-29.98	%		0.00	%
		2021			0.60	%		3.15	%		19.19		62.84		10,681,342		364,736,293		3.43	%		6.11	%		0.00	%
		2020			0.60	%		3.15	%		18.55		59.98		12,394,754		400,773,897		25.70	%		28.94	%		0.17	%
		2019			0.60	%		3.15	%		14.76		47.10		14,687,683		370,661,349		27.44	%		30.73	%		0.15	%
American Funds Global Small Capitalization Fund - Class 4
		2023			0.00	%		1.65	%		7.52		16.62		2,496,234		33,888,021		13.89	%		15.79	%		0.03	%
		2022			0.00	%		1.65	%		6.58		14.37		2,094,086		25,058,853		-30.84	%		-29.69	%		0.00	%
		2021			0.00	%		1.65	%		13.32		20.48		1,968,659		34,450,040		4.68	%		6.43	%		0.00	%
		2020			0.00	%		1.65	%		13.89		19.30		1,438,941		24,502,816		27.27	%		29.26	%		0.13	%
		2019			0.10	%		1.65	%		10.88		14.96		1,468,651		19,936,374		29.10	%		31.11	%		0.01	%
American Funds Growth Fund - Class 1
		2023			0.40	%		2.25	%		9.07		79.37		125,899		6,878,384		35.72	%		38.26	%		0.61	%
		2022			0.40	%		2.25	%		22.58		57.52		148,280		6,155,475		-31.32	%		-30.04	%		0.57	%
		2021			0.40	%		2.25	%		37.66		82.39		156,069		9,445,804		19.70	%		21.81	%		0.44	%
		2020			0.40	%		2.15	%		31.04		67.77		197,631		9,634,841		49.22	%		51.85	%		0.55	%
		2019			0.40	%		2.15	%		20.52		44.72		271,461		9,338,393		28.32	%		30.59	%		0.89	%
American Funds Growth Fund - Class 1A
		2023			0.35	%		2.05	%		25.53		28.75		1,897,805		54,060,215		35.66	%		37.98	%		0.39	%
		2022			0.35	%		2.05	%		18.82		20.84		1,889,684		38,976,277		-31.36	%		-30.18	%		0.43	%
		2021			0.35	%		2.05	%		27.42		29.84		1,800,983		53,310,366		19.51	%		21.56	%		0.33	%
		2020			0.35	%		2.05	%		23.13		24.55		1,141,537		27,810,972		49.29	%		51.55	%		0.43	%
		2019			0.35	%		1.85	%		15.49		16.20		1,107,759		17,858,910		28.39	%		30.33	%		0.88	%
American Funds Growth Fund - Class 2
		2023			0.60	%		3.55	%		8.82		83.04		24,782,733		1,345,359,592		33.66	%		37.65	%		0.36	%
		2022			0.60	%		3.45	%		17.97		61.08		26,737,864		1,143,960,232		-32.32	%		-30.36	%		0.32	%
		2021			0.60	%		3.45	%		26.56		88.81		26,676,493		1,768,484,011		17.86	%		21.26	%		0.21	%
		2020			0.60	%		3.45	%		22.53		74.16		31,350,897		1,733,105,964		46.95	%		51.17	%		0.32	%
		2019			0.60	%		3.45	%		15.33		49.67		38,306,738		1,416,333,512		26.35	%		29.99	%		0.73	%
American Funds Growth Fund - Class 4
		2023			0.00	%		1.65	%		10.43		36.14		21,061,039		487,372,200		35.88	%		38.14	%		0.17	%
		2022			0.00	%		1.65	%		7.68		26.24		19,362,900		336,311,901		-31.26	%		-30.11	%		0.11	%
		2021			0.00	%		1.65	%		15.08		37.67		16,481,366		437,753,534		19.69	%		21.68	%		0.06	%
		2020			0.00	%		1.65	%		17.56		31.05		12,416,995		296,951,326		49.23	%		51.56	%		0.20	%
		2019			0.10	%		1.65	%		11.73		20.53		10,917,149		185,182,775		28.31	%		30.31	%		0.60	%

N-110

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
American Funds Growth-Income Fund - Class 1
		2023			0.40	%		1.90	%	$	26.98	$	56.85		66,537	$	2,787,644		24.09	%		25.96	%		1.56	%
		2022			0.40	%		1.90	%		21.42		45.22		75,870		2,557,467		-17.86	%		-16.62	%		1.51	%
		2021			0.40	%		1.90	%		25.69		54.35		80,134		3,288,497		22.08	%		23.92	%		1.28	%
		2020			0.40	%		1.90	%		20.73		43.94		99,943		3,474,571		11.67	%		13.36	%		1.42	%
		2019			0.40	%		1.90	%		18.29		38.84		185,596		6,371,454		24.08	%		25.95	%		1.80	%
American Funds Growth-Income Fund - Class 1A
		2023			0.35	%		2.05	%		19.09		21.50		1,662,081		35,398,741		23.57	%		25.68	%		1.39	%
		2022			0.35	%		2.05	%		15.45		17.11		1,662,452		28,204,187		-18.18	%		-16.78	%		1.34	%
		2021			0.35	%		2.05	%		18.89		20.56		1,571,651		32,073,184		21.58	%		23.65	%		1.34	%
		2020			0.35	%		2.05	%		15.66		16.62		961,175		15,869,990		11.46	%		13.15	%		1.53	%
		2019			0.35	%		1.85	%		14.05		14.69		744,729		10,886,758		23.83	%		25.70	%		1.89	%
American Funds Growth-Income Fund - Class 2
		2023			0.60	%		3.55	%		9.83		54.39		38,624,856		1,530,252,886		21.74	%		25.38	%		1.34	%
		2022			0.60	%		3.45	%		14.84		43.92		43,115,988		1,417,480,260		-19.33	%		-16.99	%		1.25	%
		2021			0.60	%		3.45	%		18.40		53.58		46,718,619		1,937,644,819		19.89	%		23.35	%		1.09	%
		2020			0.60	%		3.45	%		15.34		43.98		54,356,601		1,840,036,011		9.69	%		12.87	%		1.35	%
		2019			0.60	%		3.45	%		13.99		39.46		60,288,517		1,826,193,558		21.86	%		25.38	%		1.63	%
American Funds Growth-Income Fund - Class 4
		2023			0.00	%		1.65	%		11.86		25.96		17,006,939		309,781,612		23.77	%		25.82	%		1.23	%
		2022			0.00	%		1.65	%		9.58		20.69		15,783,624		234,916,553		-18.07	%		-16.71	%		1.12	%
		2021			0.00	%		1.65	%		13.69		24.92		13,663,190		255,625,285		21.77	%		23.80	%		1.01	%
		2020			0.00	%		1.65	%		12.76		20.19		10,521,302		169,967,904		11.39	%		13.13	%		1.21	%
		2019			0.10	%		1.65	%		11.42		17.88		9,227,140		138,659,193		23.79	%		25.73	%		1.62	%
American Funds High-Income Trust - Class 1
		2023			0.60	%		1.90	%		14.62		17.23		79,451		1,332,580		10.57	%		12.01	%		7.06	%
		2022			0.60	%		1.90	%		13.22		15.38		89,740		1,349,458		-10.73	%		-9.56	%		7.12	%
		2021			0.60	%		1.90	%		14.81		17.01		112,696		1,879,396		6.69	%		8.09	%		4.44	%
		2020			0.60	%		1.90	%		13.88		15.74		111,432		1,719,537		6.17	%		7.56	%		8.50	%
		2019			0.60	%		1.90	%		13.08		14.63		125,829		1,811,097		10.72	%		12.17	%		6.52	%
American Funds High-Income Trust - Class 1A
		2023			0.40	%		2.05	%		12.06		13.53		196,845		2,611,590		10.12	%		11.95	%		8.09	%
		2022			0.40	%		2.05	%		10.95		12.08		107,189		1,262,357		-11.13	%		-9.65	%		7.66	%
		2021			0.40	%		2.05	%		12.32		13.37		111,336		1,456,294		6.22	%		7.99	%		4.62	%
		2020			0.40	%		2.05	%		11.69		12.38		82,399		997,819		5.97	%		7.51	%		9.15	%
		2019			0.40	%		1.85	%		11.03		11.52		63,140		714,767		10.55	%		12.16	%		6.57	%
American Funds International Fund - Class 1
		2023			0.40	%		1.90	%		13.09		22.49		196,908		3,087,119		13.93	%		15.66	%		1.59	%
		2022			0.40	%		1.90	%		11.36		19.49		194,521		2,641,954		-22.07	%		-20.89	%		2.00	%
		2021			0.40	%		1.90	%		14.42		24.68		197,710		3,385,811		-3.09	%		-1.63	%		2.61	%
		2020			0.40	%		2.25	%		13.60		25.14		206,280		3,635,678		11.73	%		13.82	%		0.83	%
		2019			0.40	%		2.25	%		12.18		22.13		338,987		6,135,817		20.47	%		22.72	%		1.66	%
American Funds International Fund - Class 1A
		2023			0.35	%		2.05	%		12.34		13.90		874,925		12,059,146		13.50	%		15.45	%		1.33	%
		2022			0.35	%		2.05	%		10.87		12.04		872,186		10,424,050		-22.41	%		-21.07	%		1.86	%
		2021			0.35	%		2.05	%		14.01		15.25		774,755		11,746,161		-3.47	%		-1.81	%		2.66	%
		2020			0.35	%		2.05	%		14.52		15.54		636,791		9,848,169		11.64	%		13.56	%		0.75	%
		2019			0.35	%		2.05	%		13.08		13.68		515,537		7,027,247		20.64	%		22.47	%		1.63	%
American Funds International Fund - Class 2
		2023			0.60	%		3.30	%		8.11		32.33		21,521,844		421,500,056		12.08	%		15.15	%		1.29	%
		2022			0.60	%		3.30	%		9.30		28.27		23,521,687		411,907,949		-23.36	%		-21.26	%		1.72	%
		2021			0.60	%		3.30	%		12.11		36.16		24,052,896		555,485,504		-4.69	%		-2.09	%		2.36	%
		2020			0.60	%		3.30	%		12.68		37.19		26,341,075		625,565,430		10.27	%		13.23	%		0.66	%
		2019			0.65	%		3.30	%		11.47		33.06		28,646,295		605,722,874		18.89	%		22.09	%		1.41	%
American Funds International Fund - Class 4
		2023			0.00	%		1.65	%		7.99		14.01		5,548,891		61,486,834		13.67	%		15.56	%		1.12	%
		2022			0.00	%		1.65	%		7.03		12.13		5,369,316		52,793,650		-22.32	%		-21.02	%		1.58	%
		2021			0.00	%		1.65	%		10.89		15.38		4,951,091		62,830,736		-3.32	%		-1.71	%		2.41	%
		2020			0.00	%		1.65	%		11.23		15.66		4,167,295		55,421,067		11.80	%		13.55	%		0.43	%
		2019			0.10	%		1.65	%		10.01		13.79		4,110,408		49,361,239		20.66	%		22.55	%		1.33	%

N-111

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
American Funds International Growth and Income Fund - Class 1
		2023			0.60	%		2.15	%	$	13.32	$	16.20		53,845	$	817,128		13.61	%		15.39	%		2.69	%
		2022			0.60	%		2.15	%		11.72		14.04		58,853		775,406		-16.81	%		-15.51	%		2.71	%
		2021			0.60	%		2.15	%		14.09		16.61		63,625		1,003,507		3.40	%		5.01	%		2.10	%
		2020			0.60	%		2.25	%		11.53		15.82		87,483		1,321,659		3.87	%		5.60	%		1.54	%
		2019			0.60	%		2.25	%		11.10		14.98		123,565		1,798,773		20.32	%		22.32	%		2.65	%
American Funds International Growth and Income Fund - Class 1A
		2023			0.50	%		2.05	%		12.77		14.23		208,690		2,956,065		13.57	%		15.35	%		2.80	%
		2022			0.50	%		2.05	%		11.25		12.34		188,405		2,315,244		-17.03	%		-15.73	%		3.07	%
		2021			0.50	%		2.05	%		13.56		14.64		213,991		3,126,291		3.25	%		4.86	%		3.76	%
		2020			0.50	%		2.05	%		13.23		13.96		100,726		1,403,975		4.04	%		5.45	%		1.86	%
		2019			0.50	%		1.85	%		12.72		13.24		43,432		573,714		20.51	%		22.15	%		2.62	%
American Funds Managed Risk Asset Allocation Fund - Class P1
		2023			0.50	%		2.05	%		10.68		18.76		508,563		7,277,219		8.27	%		9.96	%		2.15	%
		2022			0.50	%		1.85	%		13.30		17.08		496,178		6,643,164		-15.33	%		-14.18	%		2.46	%
		2021			0.50	%		1.85	%		15.50		19.94		461,758		7,250,348		10.75	%		12.25	%		1.81	%
		2020			0.50	%		1.85	%		13.81		17.79		378,377		5,316,558		4.16	%		5.57	%		1.57	%
		2019			0.50	%		1.85	%		13.08		16.87		157,224		2,173,822		16.08	%		17.66	%		0.27	%
American Funds Managed Risk Asset Allocation Fund - Class P2
		2023			1.30	%		2.90	%		10.73		16.97		7,444,008		123,962,436		7.08	%		8.81	%		1.83	%
		2022			1.30	%		2.90	%		11.18		15.59		8,155,720		125,010,890		-16.43	%		-15.08	%		2.18	%
		2021			1.30	%		2.90	%		13.38		18.36		8,706,755		157,441,858		9.29	%		11.05	%		1.35	%
		2020			1.30	%		2.90	%		12.24		16.54		9,422,340		153,669,364		2.86	%		4.51	%		1.51	%
		2019			1.30	%		2.90	%		11.90		15.82		9,379,628		146,541,365		14.61	%		16.46	%		2.33	%
American Funds Managed Risk Growth Fund - Class P1
		2023			0.50	%		2.05	%		11.09		23.93		267,767		5,687,823		21.26	%		23.15	%		0.61	%
		2022			0.50	%		1.85	%		17.16		19.45		237,407		4,096,971		-26.01	%		-25.00	%		1.72	%
		2021			0.50	%		1.85	%		22.92		25.96		231,720		5,380,840		11.01	%		12.51	%		0.92	%
		2020			0.50	%		1.85	%		20.41		23.09		233,523		4,822,948		30.03	%		31.79	%		0.76	%
		2019			0.50	%		1.85	%		15.52		17.54		120,112		1,894,399		19.77	%		21.40	%		1.41	%
American Funds Managed Risk Growth-Income Fund - Class P1
		2023			0.50	%		1.85	%		11.08		17.62		101,282		1,744,777		14.04	%		15.59	%		1.62	%
		2022			0.50	%		1.70	%		14.60		15.43		102,823		1,532,015		-18.15	%		-17.16	%		2.22	%
		2021			0.50	%		1.70	%		17.65		18.85		87,815		1,590,752		13.37	%		14.74	%		1.39	%
		2020			0.50	%		1.70	%		15.80		16.62		62,617		989,240		8.00	%		9.30	%		2.18	%
		2019			0.50	%		1.70	%		14.46		15.39		26,914		390,065		17.13	%		18.54	%		0.76	%
American Funds Managed Risk International Fund - Class P1
		2023			0.50	%		2.05	%		9.19		11.65		159,471		1,817,083		4.20	%		5.83	%		1.62	%
		2022			0.50	%		1.85	%		8.92		11.01		155,537		1,653,984		-16.82	%		-15.69	%		3.74	%
		2021			0.50	%		1.85	%		10.73		13.06		133,410		1,683,709		-5.68	%		-4.39	%		0.81	%
		2020			0.50	%		1.85	%		11.37		13.66		106,533		1,404,385		1.24	%		2.62	%		1.75	%
		2019			0.50	%		1.85	%		11.23		13.31		44,650		553,978		15.75	%		17.32	%		1.75	%
American Funds Managed Risk Washington Mutual Investors Fund - Class P1
		2023			0.50	%		2.05	%		11.62		16.94		171,714		2,517,450		7.80	%		9.49	%		2.16	%
		2022			0.50	%		1.90	%		13.35		15.48		193,829		2,598,921		-10.64	%		-9.38	%		4.83	%
		2021			0.50	%		1.90	%		14.73		17.10		153,886		2,299,890		15.24	%		16.87	%		2.01	%
		2020			0.50	%		1.90	%		12.60		14.65		107,317		1,385,543		-2.80	%		-1.43	%		2.38	%
		2019			0.50	%		1.90	%		12.78		14.87		49,224		664,350		12.05	%		13.57	%		2.01	%
American Funds Mortgage Fund - Class 1
		2023			0.40	%		1.70	%		10.09		11.52		41,259		433,052		2.28	%		3.62	%		3.56	%
		2022			0.40	%		1.70	%		9.86		11.14		50,134		519,556		-11.28	%		-10.12	%		1.39	%
		2021			0.40	%		1.70	%		11.12		12.43		56,515		654,844		-2.00	%		-0.71	%		0.71	%
		2020			0.40	%		1.70	%		11.34		12.55		52,841		622,370		5.17	%		6.55	%		1.54	%
		2019			0.40	%		1.70	%		10.79		11.81		48,507		538,369		3.52	%		4.88	%		2.54	%
American Funds Mortgage Fund - Class 1A
		2023			0.35	%		1.10	%		9.80		10.33		183,353		1,876,261		2.58	%		3.36	%		4.06	%
		2022			0.35	%		0.90	%		9.67		9.99		166,907		1,656,078		-10.83	%		-10.34	%		2.06	%
		2021			0.35	%		0.90	%		10.84		11.14		200,104		2,217,056		-1.36	%		-0.82	%		0.74	%
		2020			0.35	%		0.90	%		11.06		11.24		103,784		1,160,488		5.83	%		6.26	%		1.72	%
		2019			0.35	%		0.75	%		10.45		10.57		45,715		482,435		4.30	%		4.72	%		2.04	%

N-112

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
American Funds Mortgage Fund - Class 4
		2023			0.00	%		1.65	%	$	9.25	$	10.38		701,833	$	6,841,677		1.81	%		3.51	%		3.53	%
		2022			0.00	%		1.65	%		8.94		10.36		755,130		7,204,085		-11.63	%		-10.16	%		1.90	%
		2021			0.00	%		1.65	%		10.43		11.56		645,155		6,933,462		-2.40	%		-0.88	%		0.26	%
		2020			0.10	%		1.65	%		10.69		11.13		606,351		6,648,927		4.64	%		6.28	%		1.07	%
		2019			0.10	%		1.65	%		10.21		10.56		451,045		4,702,349		3.09	%		4.70	%		2.26	%
American Funds New World Fund®​ - Class 1
		2023			0.40	%		2.15	%		13.98		17.00		180,123		2,894,728		13.75	%		15.76	%		1.67	%
		2022			0.40	%		2.15	%		12.29		14.72		203,621		2,841,837		-23.52	%		-22.17	%		1.59	%
		2021			0.40	%		2.15	%		16.07		18.95		198,885		3,578,414		2.92	%		4.74	%		1.07	%
		2020			0.40	%		2.15	%		15.61		18.12		230,350		3,963,286		21.26	%		23.40	%		0.25	%
		2019			0.40	%		2.15	%		12.87		14.72		296,755		4,187,579		26.72	%		28.95	%		1.14	%
American Funds New World Fund®​ - Class 1A
		2023			0.35	%		0.90	%		15.48		16.09		608,599		9,718,229		14.94	%		15.58	%		1.52	%
		2022			0.35	%		0.90	%		13.47		13.92		577,633		7,986,002		-22.79	%		-22.36	%		1.33	%
		2021			0.35	%		0.90	%		17.44		17.93		562,307		10,032,282		3.96	%		4.53	%		0.83	%
		2020			0.35	%		0.90	%		16.88		17.15		345,025		5,900,684		22.70	%		23.19	%		0.13	%
		2019			0.35	%		0.75	%		13.76		13.92		260,941		3,624,935		28.15	%		28.66	%		1.14	%
American Funds New World Fund®​ - Class 4
		2023			0.00	%		1.65	%		8.19		16.04		4,403,159		56,618,057		13.78	%		15.67	%		1.30	%
		2022			0.00	%		1.65	%		7.19		13.88		3,923,137		44,517,485		-23.53	%		-22.25	%		1.11	%
		2021			0.00	%		1.65	%		12.61		17.87		3,776,566		56,215,439		2.92	%		4.63	%		0.67	%
		2020			0.00	%		1.65	%		12.98		17.10		3,072,593		45,215,404		21.28	%		23.17	%		0.04	%
		2019			0.10	%		1.65	%		10.67		13.88		3,084,884		37,548,744		26.71	%		28.69	%		0.81	%
American Funds The Bond Fund of America - Class 1
		2023			0.60	%		2.25	%		9.77		12.54		509,298		6,183,339		2.86	%		4.58	%		3.68	%
		2022			0.60	%		2.25	%		9.50		11.99		526,323		6,171,989		-14.21	%		-12.79	%		3.10	%
		2021			0.60	%		2.25	%		11.07		13.75		578,672		7,791,562		-2.36	%		-0.74	%		1.67	%
		2020			0.60	%		2.25	%		11.34		13.85		528,521		7,187,090		7.51	%		9.30	%		2.29	%
		2019			0.60	%		2.25	%		10.55		12.67		558,051		6,957,268		7.26	%		9.05	%		2.83	%
American Funds The Bond Fund of America - Class 1A
		2023			0.40	%		2.05	%		8.74		10.97		1,433,215		15,515,410		2.76	%		4.47	%		3.86	%
		2022			0.40	%		2.05	%		9.51		10.50		961,825		9,965,248		-14.27	%		-12.84	%		3.20	%
		2021			0.40	%		2.05	%		11.10		12.05		937,440		11,165,352		-2.38	%		-0.75	%		1.63	%
		2020			0.40	%		2.05	%		11.37		12.14		659,682		7,917,809		7.45	%		9.24	%		2.33	%
		2019			0.40	%		2.05	%		10.64		11.11		490,693		5,397,755		7.35	%		8.92	%		3.05	%
American Funds U.S. Government Securities Fund - Class 1
		2023			0.60	%		1.90	%		9.86		11.61		20,605		228,957		1.27	%		2.59	%		3.16	%
		2022			0.60	%		1.05	%		10.74		11.32		30,060		330,374		-11.68	%		-11.28	%		3.69	%
		2021			0.60	%		1.05	%		12.16		12.76		25,994		329,712		-1.48	%		-1.04	%		0.98	%
		2020			0.60	%		1.05	%		12.53		12.89		23,509		301,397		9.11	%		9.43	%		2.20	%
		2019			0.60	%		1.70	%		10.72		11.78		14,558		167,785		3.91	%		5.06	%		1.87	%
American Funds U.S. Government Securities Fund - Class 1A
		2023			0.40	%		1.85	%		8.57		10.49		459,340		4,739,052		1.00	%		2.47	%		3.93	%
		2022			0.40	%		1.85	%		9.39		10.24		383,925		3,868,467		-12.56	%		-11.28	%		3.74	%
		2021			0.40	%		1.85	%		10.74		11.54		408,297		4,653,756		-2.48	%		-1.05	%		1.48	%
		2020			0.40	%		1.85	%		11.01		11.62		310,953		3,584,298		7.73	%		9.20	%		1.93	%
		2019			0.50	%		1.85	%		10.22		10.64		233,398		2,463,841		3.48	%		4.89	%		2.44	%
American Funds Washington Mutual Investors Fund - Class 1
		2023			0.40	%		2.25	%		10.62		35.23		105,314		3,048,691		15.04	%		17.19	%		1.95	%
		2022			0.40	%		2.25	%		17.27		30.13		178,208		3,901,245		-10.32	%		-8.65	%		2.12	%
		2021			0.40	%		2.25	%		19.26		33.04		174,157		4,662,906		25.27	%		27.60	%		1.66	%
		2020			0.40	%		2.25	%		15.37		25.95		191,706		4,075,784		6.62	%		8.61	%		1.98	%
		2019			0.40	%		2.25	%		14.42		23.94		201,616		3,989,698		18.96	%		21.18	%		2.27	%
American Funds Washington Mutual Investors Fund - Class 1A
		2023			0.35	%		1.85	%		16.74		18.59		1,178,135		21,727,445		15.14	%		16.88	%		1.62	%
		2022			0.35	%		1.85	%		14.54		15.90		1,109,318		17,524,487		-10.13	%		-8.77	%		1.70	%
		2021			0.35	%		2.05	%		16.02		17.43		1,084,758		18,789,114		25.11	%		27.25	%		1.75	%
		2020			0.35	%		2.05	%		12.80		13.70		785,859		10,651,917		6.59	%		8.41	%		2.06	%
		2019			0.35	%		2.05	%		12.08		12.64		642,137		8,070,736		19.13	%		20.93	%		2.57	%

N-113

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
American Funds Washington Mutual Investors Fund - Class 4
		2023			0.00	%		1.65	%	$	12.25	$	23.28		7,331,230	$	122,949,885		15.06	%		16.97	%		1.77	%
		2022			0.00	%		1.65	%		10.73		19.96		6,551,814		96,644,860		-10.18	%		-8.69	%		1.83	%
		2021			0.00	%		1.65	%		14.25		21.93		5,752,768		96,471,478		25.43	%		27.51	%		1.39	%
		2020			0.00	%		1.65	%		11.50		17.25		4,349,925		61,597,418		6.70	%		8.36	%		1.73	%
		2019			0.10	%		1.65	%		10.75		15.95		3,313,216		46,599,969		19.05	%		20.91	%		2.08	%
BlackRock Global Allocation V.I. Fund - Class I
		2021			0.35	%		1.90	%		15.56		24.74		386,033		6,754,231		4.67	%		6.30	%		0.96	%
		2020			0.35	%		1.90	%		14.85		23.33		336,543		5,626,458		18.73	%		20.59	%		1.47	%
		2019			0.35	%		1.90	%		12.34		19.28		289,199		4,111,675		15.77	%		17.58	%		1.29	%
BlackRock Global Allocation V.I. Fund - Class III
		2021			0.00	%		3.45	%		12.95		24.01		51,716,130		1,057,226,537		2.81	%		6.31	%		0.82	%
		2020			0.10	%		3.45	%		12.55		22.70		54,131,251		1,064,894,620		16.62	%		20.59	%		1.26	%
		2019			0.10	%		3.50	%		10.66		18.92		60,577,052		1,006,367,860		13.76	%		17.64	%		1.24	%
ClearBridge Variable Aggressive Growth Portfolio - Class I
		2023			0.35	%		0.75	%		15.04		17.10		34,623		563,009		23.49	%		23.99	%		0.31	%
		2022			0.35	%		0.75	%		12.18		13.80		37,690		492,380		-26.97	%		-26.67	%		0.45	%
		2021			0.35	%		0.75	%		17.04		18.82		38,379		683,163		9.86	%		9.91	%		0.16	%
		2020			0.35	%		0.40	%		15.50		17.14		23,796		396,304		17.55	%		17.61	%		0.82	%
		2019			0.35	%		0.40	%		13.18		14.58		24,385		344,891		24.57	%		24.63	%		1.00	%
ClearBridge Variable Aggressive Growth Portfolio - Class II
		2023			0.00	%		1.65	%		11.88		16.86		1,234,179		18,504,203		22.10	%		24.13	%		0.06	%
		2022			0.00	%		1.65	%		9.57		13.62		1,404,002		17,234,948		-27.79	%		-26.59	%		0.00	%
		2021			0.00	%		1.65	%		13.70		18.61		1,427,194		24,198,802		8.24	%		9.93	%		0.17	%
		2020			0.10	%		1.65	%		12.61		16.96		1,453,706		22,968,264		15.80	%		17.61	%		0.57	%
		2019			0.10	%		1.65	%		10.86		14.45		1,693,977		23,133,641		22.70	%		24.62	%		0.76	%
ClearBridge Variable Large Cap Growth Portfolio - Class I
		2023			0.35	%		2.05	%		20.50		22.95		319,259		7,233,110		41.10	%		43.52	%		0.00	%
		2022			0.35	%		2.05	%		14.53		15.99		262,667		4,153,090		-33.62	%		-32.48	%		0.00	%
		2021			0.35	%		2.05	%		21.89		23.68		275,244		6,458,198		19.47	%		21.51	%		0.00	%
		2020			0.35	%		2.05	%		18.32		19.49		180,057		3,478,216		28.09	%		30.28	%		0.02	%
		2019			0.35	%		2.05	%		14.38		14.96		151,829		2,257,432		29.73	%		31.70	%		0.38	%
ClearBridge Variable Large Cap Growth Portfolio - Class II
		2023			0.00	%		3.25	%		8.99		22.96		12,967,556		265,745,347		39.07	%		43.66	%		0.00	%
		2022			0.00	%		3.25	%		9.19		16.00		11,981,785		173,601,522		-34.58	%		-32.42	%		0.00	%
		2021			0.00	%		3.25	%		15.78		23.69		10,891,623		238,342,012		17.74	%		21.50	%		0.00	%
		2020			0.10	%		3.25	%		15.41		19.50		11,763,154		216,429,808		26.25	%		30.28	%		0.02	%
		2019			0.10	%		3.25	%		11.98		14.97		10,282,081		147,206,219		27.68	%		31.71	%		0.15	%
ClearBridge Variable Mid Cap Portfolio - Class I
		2023			0.35	%		0.90	%		16.72		18.86		95,370		1,650,385		11.91	%		12.52	%		0.13	%
		2022			0.35	%		1.05	%		14.92		16.77		103,609		1,595,633		-26.09	%		-25.58	%		0.35	%
		2021			0.35	%		1.05	%		20.13		22.54		111,778		2,318,620		27.36	%		28.26	%		0.02	%
		2020			0.35	%		1.05	%		15.93		17.58		82,592		1,329,604		14.55	%		14.95	%		0.33	%
		2019			0.35	%		0.70	%		13.88		15.30		64,015		921,235		32.02	%		32.48	%		0.75	%
ClearBridge Variable Mid Cap Portfolio - Class II
		2023			0.00	%		3.05	%		12.73		18.59		3,599,818		59,532,745		9.24	%		12.62	%		0.02	%
		2022			0.00	%		3.05	%		11.35		16.55		3,637,063		54,203,114		-27.75	%		-25.50	%		0.09	%
		2021			0.00	%		3.05	%		17.72		22.29		3,564,671		72,482,261		24.53	%		28.26	%		0.03	%
		2020			0.10	%		3.05	%		14.50		17.41		3,332,435		53,861,508		11.65	%		14.99	%		0.04	%
		2019			0.10	%		3.05	%		12.99		15.17		3,428,885		48,796,806		28.65	%		32.52	%		0.40	%
Columbia VP Commodity Strategy Fund - Class 1
		2023			0.35	%		0.75	%		13.59		13.98		104,289		1,451,831		-7.51	%		-7.14	%		25.47	%
		2022			0.35	%		0.75	%		14.69		15.06		160,237		2,406,171		18.20	%		18.67	%		30.37	%
		2021			0.35	%		0.75	%		12.43		12.69		78,010		985,109		31.64	%		32.17	%		0.36	%
		2020			0.35	%		0.75	%		9.44		9.60		26,313		252,246		-2.03	%		-1.64	%		21.70	%
		2019			0.35	%		0.75	%		9.64		9.76		23,676		230,870		7.00	%		7.42	%		1.20	%

N-114

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Columbia VP Commodity Strategy Fund - Class 2
		2023			0.00	%		1.65	%	$	12.48	$	15.93		444,393	$	5,996,355		-8.66	%		-7.14	%		19.97	%
		2022			0.00	%		1.65	%		13.66		17.15		1,033,979		15,157,928		16.76	%		18.70	%		29.10	%
		2021			0.00	%		1.65	%		11.70		12.67		481,226		6,016,740		29.85	%		31.88	%		0.00	%
		2020			0.10	%		1.65	%		9.01		9.61		63,247		586,564		-3.16	%		-1.65	%		21.61	%
		2019			0.10	%		1.65	%		9.30		9.82		78,244		742,820		6.02	%		7.67	%		0.95	%
Columbia VP Emerging Markets Bond Fund - Class 1
		2023			0.35	%		0.75	%		10.48		10.78		85,247		916,240		9.60	%		10.04	%		5.72	%
		2022			0.35	%		0.75	%		9.56		9.80		50,734		495,690		-16.66	%		-16.33	%		4.24	%
		2021			0.35	%		0.75	%		11.47		11.71		72,409		846,331		-2.93	%		-2.54	%		4.00	%
		2020			0.35	%		0.75	%		11.99		12.01		39,528		474,561		7.00	%		7.05	%		3.68	%
		2019			0.35	%		0.40	%		11.20		11.22		32,888		369,068		11.91	%		11.96	%		5.06	%
Columbia VP Emerging Markets Bond Fund - Class 2
		2023			0.00	%		1.65	%		9.01		10.77		272,075		2,753,193		8.22	%		10.02	%		5.22	%
		2022			0.00	%		1.65	%		8.55		9.80		288,724		2,670,578		-17.53	%		-16.16	%		3.86	%
		2021			0.00	%		1.65	%		10.80		11.70		411,097		4,590,207		-4.05	%		-2.55	%		3.63	%
		2020			0.10	%		1.65	%		11.26		12.01		238,754		2,754,884		5.41	%		7.06	%		3.19	%
		2019			0.10	%		1.65	%		10.68		11.22		267,664		2,909,625		10.25	%		11.97	%		4.83	%
Columbia VP Strategic Income Fund - Class 1
		2023			0.35	%		0.75	%		11.72		12.06		214,264		2,580,514		8.85	%		9.29	%		3.57	%
		2022			0.35	%		0.75	%		10.77		11.03		216,118		2,382,581		-12.03	%		-11.68	%		2.99	%
		2021			0.35	%		0.75	%		12.24		12.49		222,964		2,783,528		1.33	%		1.73	%		5.78	%
		2020			0.35	%		0.75	%		12.08		12.28		132,968		1,631,438		6.02	%		6.44	%		3.67	%
		2019			0.35	%		0.75	%		11.39		11.54		100,811		1,161,872		9.55	%		9.99	%		4.40	%
Columbia VP Strategic Income Fund - Class 2
		2023			0.00	%		1.65	%		9.24		12.06		1,469,672		16,269,280		7.42	%		9.20	%		3.33	%
		2022			0.00	%		1.65	%		8.60		11.05		1,516,291		15,520,632		-12.97	%		-11.52	%		2.67	%
		2021			0.00	%		1.65	%		10.58		12.50		1,494,840		17,582,103		-0.03	%		1.63	%		5.38	%
		2020			0.00	%		1.65	%		11.42		12.31		972,660		11,456,604		4.88	%		6.52	%		3.29	%
		2019			0.10	%		1.65	%		10.85		11.56		1,014,407		11,370,029		8.41	%		10.11	%		3.81	%
Delaware Ivy VIP Asset Strategy Portfolio - Class I
		2023			0.35	%		0.35	%		16.12		16.12		59,185		953,182		13.87	%		13.87	%		2.53	%
		2022			0.35	%		0.35	%		14.15		14.15		58,024		821,200		-14.87	%		-14.87	%		1.86	%
		2021			0.35	%		0.35	%		16.62		16.62		58,140		966,551		10.33	%		10.33	%		1.90	%
		2020			0.75	%		0.75	%		14.80		14.80		1,341		19,852		13.31	%		13.31	%		3.81	%
		2019			0.35	%		0.35	%		13.24		13.24		670		8,877		21.66	%		21.66	%		2.35	%
Delaware Ivy VIP Asset Strategy Portfolio - Class II
		2023			0.00	%		1.65	%		11.78		16.60		590,906		7,607,596		12.07	%		13.94	%		2.21	%
		2022			0.00	%		1.65	%		10.38		14.59		574,110		6,586,252		-16.14	%		-14.74	%		1.49	%
		2021			0.00	%		1.65	%		12.22		17.12		635,573		8,672,969		8.63	%		10.33	%		1.55	%
		2020			0.10	%		1.65	%		12.16		15.52		703,184		8,823,953		12.01	%		13.76	%		1.96	%
		2019			0.10	%		1.65	%		10.82		11.74		849,518		9,490,457		19.79	%		21.41	%		2.20	%
Delaware Ivy VIP Energy Portfolio - Class I
		2023			0.35	%		0.75	%		9.09		9.37		50,390		471,893		3.45	%		3.86	%		3.32	%
		2022			0.35	%		0.75	%		8.79		9.02		49,567		446,935		49.74	%		50.34	%		3.34	%
		2021			0.35	%		0.75	%		6.00		6.00		27,946		167,585		41.83	%		41.83	%		1.77	%
		2020			0.35	%		0.35	%		4.23		4.23		21,306		90,111		-36.89	%		-36.89	%		3.74	%
		2019			0.35	%		0.35	%		6.70		6.70		2,231		14,949		3.37	%		3.37	%		0.00	%
Delaware Ivy VIP Energy Portfolio - Class II
		2023			0.00	%		1.65	%		6.10		25.01		1,782,924		12,927,543		2.31	%		4.02	%		2.34	%
		2022			0.10	%		1.65	%		5.96		8.97		3,989,625		29,059,740		48.01	%		50.32	%		3.61	%
		2021			0.10	%		1.65	%		4.03		5.97		2,343,731		10,828,195		39.68	%		41.85	%		1.59	%
		2020			0.10	%		1.65	%		2.88		3.86		2,186,329		7,199,941		-37.87	%		-37.02	%		2.63	%
		2019			0.30	%		1.65	%		4.64		6.17		932,942		4,513,862		1.78	%		3.17	%		0.00	%
Delaware Ivy VIP High Income Portfolio - Class I
		2023			0.35	%		2.05	%		11.59		13.51		230,949		3,083,696		10.09	%		11.98	%		6.10	%
		2022			0.35	%		2.05	%		10.52		12.07		164,835		1,972,563		-12.85	%		-11.35	%		7.21	%
		2021			0.35	%		2.05	%		12.08		13.61		155,210		2,095,089		4.17	%		5.96	%		5.90	%
		2020			0.35	%		2.05	%		11.59		12.85		111,787		1,427,988		4.14	%		5.93	%		7.31	%
		2019			0.35	%		2.05	%		11.53		12.13		127,416		1,539,452		9.45	%		11.11	%		7.05	%

N-115

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Delaware Ivy VIP High Income Portfolio - Class II
		2023			0.00	%		1.70	%	$	9.68	$	13.46		1,839,215	$	22,134,531		9.87	%		11.75	%		6.23	%
		2022			0.00	%		1.70	%		8.77		12.08		1,928,643		21,103,704		-12.47	%		-10.97	%		6.50	%
		2021			0.00	%		1.70	%		11.41		13.61		2,173,663		27,115,967		4.33	%		5.96	%		6.06	%
		2020			0.10	%		1.65	%		11.00		12.87		2,449,277		29,455,610		4.29	%		5.92	%		6.60	%
		2019			0.10	%		1.65	%		10.51		12.17		2,043,226		23,476,122		9.37	%		11.08	%		6.66	%
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I
		2023			0.35	%		1.85	%		22.04		25.28		223,367		5,454,551		17.70	%		19.47	%		0.00	%
		2022			0.35	%		1.85	%		18.72		21.24		241,180		4,935,031		-31.90	%		-30.87	%		0.00	%
		2021			0.35	%		2.05	%		27.49		30.83		251,257		7,444,775		14.51	%		16.24	%		0.00	%
		2020			0.35	%		1.85	%		24.01		26.61		238,971		6,098,160		46.64	%		48.85	%		0.00	%
		2019			0.35	%		1.85	%		16.37		17.94		227,557		3,908,581		35.75	%		37.80	%		0.00	%
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II
		2023			0.00	%		1.70	%		8.41		26.24		1,705,357		32,495,096		17.60	%		19.61	%		0.00	%
		2022			0.00	%		1.70	%		7.15		22.00		1,502,826		24,858,884		-31.96	%		-30.79	%		0.00	%
		2021			0.00	%		1.70	%		14.06		31.88		1,383,925		35,551,587		14.39	%		16.24	%		0.00	%
		2020			0.10	%		1.70	%		18.20		27.48		1,084,116		25,363,036		46.49	%		48.85	%		0.00	%
		2019			0.10	%		1.70	%		12.38		18.50		941,618		15,508,733		35.62	%		37.80	%		0.00	%
Delaware Ivy VIP Science and Technology Portfolio - Class I
		2023			0.35	%		0.75	%		27.27		28.09		79,894		2,230,555		38.31	%		38.86	%		0.00	%
		2022			0.35	%		0.75	%		19.72		20.23		66,131		1,331,705		-32.16	%		-31.89	%		0.00	%
		2021			0.35	%		0.75	%		29.07		29.70		72,720		2,150,899		14.59	%		15.05	%		0.00	%
		2020			0.35	%		0.75	%		25.36		25.81		82,599		2,123,737		34.69	%		35.23	%		0.00	%
		2019			0.35	%		0.75	%		19.09		19.09		29,985		570,415		49.34	%		49.34	%		0.00	%
Delaware Ivy VIP Science and Technology Portfolio - Class II
		2023			0.00	%		1.65	%		9.57		28.87		2,195,413		48,551,697		36.79	%		39.06	%		0.00	%
		2022			0.00	%		1.65	%		6.97		20.78		2,230,570		36,618,457		-32.96	%		-31.84	%		0.00	%
		2021			0.00	%		1.65	%		19.58		30.52		2,311,530		57,682,468		13.28	%		15.05	%		0.00	%
		2020			0.10	%		1.65	%		17.23		26.52		2,076,980		47,809,614		33.15	%		35.23	%		0.00	%
		2019			0.10	%		1.65	%		12.90		19.61		2,059,771		36,260,046		47.04	%		49.33	%		0.00	%
Delaware Ivy VIP Small Cap Growth Portfolio - Class I
		2023			0.35	%		0.75	%		17.21		17.73		75,970		1,341,749		12.54	%		12.99	%		0.00	%
		2022			0.35	%		0.75	%		15.29		15.69		72,158		1,128,392		-27.18	%		-26.90	%		0.00	%
		2021			0.35	%		0.75	%		21.00		21.46		36,149		773,314		3.47	%		3.88	%		1.04	%
		2020			0.35	%		0.75	%		20.66		20.66		20,405		420,696		37.53	%		37.53	%		0.00	%
		2019			0.35	%		0.35	%		15.02		15.02		13,457		202,151		23.24	%		23.24	%		0.00	%
Delaware Ivy VIP Small Cap Growth Portfolio - Class II
		2023			0.00	%		1.65	%		12.54		17.99		906,817		12,773,105		11.19	%		13.04	%		0.00	%
		2022			0.00	%		1.65	%		11.25		15.93		755,287		9,679,839		-27.97	%		-26.77	%		0.00	%
		2021			0.00	%		1.65	%		15.57		21.76		656,146		11,851,738		2.29	%		3.88	%		0.88	%
		2020			0.10	%		1.65	%		15.17		20.95		446,934		8,213,947		35.41	%		37.53	%		0.00	%
		2019			0.10	%		1.65	%		11.25		15.23		468,639		6,437,305		21.35	%		23.25	%		0.00	%
Delaware VIP®​ Emerging Markets Series - Service Class
		2023			0.00	%		3.40	%		6.84		52.05		11,367,979		217,538,369		9.65	%		13.45	%		1.27	%
		2022			0.00	%		3.20	%		7.98		46.74		12,293,097		216,566,103		-30.09	%		-27.81	%		3.86	%
		2021			0.00	%		3.20	%		11.41		65.96		12,135,768		309,342,381		-6.18	%		-3.13	%		0.06	%
		2020			0.00	%		3.20	%		12.16		69.36		11,969,697		322,522,115		20.76	%		24.57	%		0.50	%
		2019			0.10	%		3.20	%		10.07		56.67		14,065,283		309,720,808		18.40	%		22.13	%		0.40	%
Delaware VIP®​ Emerging Markets Series - Standard Class
		2023			0.35	%		0.80	%		11.93		14.08		103,302		1,385,231		12.89	%		13.40	%		1.70	%
		2022			0.35	%		0.80	%		10.57		12.42		128,406		1,534,527		-28.16	%		-27.84	%		4.14	%
		2021			0.35	%		0.80	%		14.71		17.21		87,920		1,433,474		-3.61	%		-3.18	%		0.33	%
		2020			0.35	%		0.80	%		15.26		17.78		70,070		1,177,042		24.09	%		24.65	%		0.76	%
		2019			0.35	%		0.80	%		12.30		14.26		52,106		686,362		21.65	%		22.20	%		0.68	%
Delaware VIP®​ International Series - Standard Class
		2023			1.40	%		1.65	%		21.43		22.53		2,688		57,644		11.72	%		12.00	%		1.38	%
		2022			1.40	%		1.65	%		19.13		20.17		2,995		57,345		-18.69	%		-18.48	%		1.51	%
		2021			1.40	%		1.65	%		23.47		24.81		3,044		71,516		5.13	%		5.38	%		0.96	%
		2020	12/11/20		1.40	%		1.65	%		22.27		23.59		3,133		69,855		1.71	%		1.73	%		0.00	%

N-116

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Delaware VIP®​ International Value Equity Series - Standard Class
		2020			0.00	%		0.00	%	$	—	$	—		—	$	—		0.00	%		0.00	%		3.02	%
		2019			1.40	%		1.65	%		21.11		22.43		3,627		76,663		17.35	%		17.65	%		2.19	%
Delaware VIP®​ Small Cap Value Series - Service Class
		2023			0.00	%		3.55	%		8.83		63.63		14,259,135		451,460,551		5.29	%		9.10	%		0.63	%
		2022			0.00	%		3.30	%		10.41		59.15		13,992,830		425,921,776		-15.21	%		-12.36	%		0.52	%
		2021			0.00	%		3.30	%		14.76		68.44		14,317,725		524,665,809		29.67	%		34.01	%		0.62	%
		2020			0.00	%		3.30	%		11.07		51.79		15,945,578		456,544,703		-5.35	%		-2.27	%		1.03	%
		2019			0.10	%		3.30	%		11.38		53.69		14,512,780		439,559,144		23.57	%		27.59	%		0.75	%
Delaware VIP®​ Small Cap Value Series - Standard Class
		2023			0.35	%		3.00	%		8.95		65.23		238,738		7,132,287		6.21	%		9.06	%		0.97	%
		2022			0.35	%		3.00	%		13.30		60.44		260,511		7,324,209		-14.69	%		-12.40	%		0.85	%
		2021			0.35	%		3.00	%		15.60		69.73		262,637		9,029,082		30.45	%		33.95	%		0.83	%
		2020			0.35	%		3.00	%		11.96		52.60		265,660		7,234,899		-4.80	%		-2.25	%		1.38	%
		2019			0.35	%		3.00	%		12.56		54.38		274,883		8,139,766		24.35	%		27.69	%		1.06	%
DWS Alternative Asset Allocation VIP Portfolio - Class A
		2023			0.35	%		2.15	%		10.98		17.24		206,333		2,699,809		3.93	%		5.82	%		6.74	%
		2022			0.35	%		2.15	%		10.57		16.33		209,852		2,599,198		-9.39	%		-7.74	%		8.02	%
		2021			0.35	%		2.15	%		11.66		17.75		145,224		1,993,690		10.35	%		12.35	%		1.95	%
		2020			0.35	%		2.15	%		10.57		15.84		140,127		1,765,033		3.46	%		5.34	%		2.88	%
		2019			0.35	%		2.15	%		10.22		15.07		131,573		1,605,304		12.25	%		14.28	%		3.77	%
DWS Alternative Asset Allocation VIP Portfolio - Class B
		2023			0.10	%		3.30	%		9.06		16.37		2,676,152		37,394,851		2.24	%		5.56	%		6.57	%
		2022			0.00	%		3.20	%		8.97		15.59		2,979,785		40,289,891		-10.65	%		-7.74	%		7.11	%
		2021			0.00	%		3.20	%		10.04		17.01		3,182,408		47,536,453		8.81	%		12.24	%		1.69	%
		2020			0.10	%		3.20	%		9.23		15.24		3,245,554		43,922,109		2.00	%		5.22	%		2.44	%
		2019			0.10	%		3.20	%		9.05		14.56		3,531,090		46,189,814		10.75	%		14.23	%		3.59	%
DWS Equity 500 Index VIP Portfolio - Class A
		2023			1.30	%		2.65	%		9.97		56.35		161,014		6,263,159		22.71	%		24.37	%		1.38	%
		2022			1.30	%		2.65	%		25.67		45.31		182,955		5,777,964		-20.48	%		-19.40	%		1.32	%
		2021			1.30	%		2.65	%		31.64		56.21		190,399		7,700,222		25.04	%		26.74	%		1.45	%
		2020			1.30	%		2.65	%		25.09		44.35		213,508		6,871,980		15.01	%		16.57	%		1.68	%
		2019			1.30	%		2.65	%		21.63		38.05		229,813		6,382,046		27.76	%		29.49	%		2.01	%
DWS Small Cap Index VIP Portfolio - Class A
		2023			1.30	%		2.70	%		8.19		49.16		46,986		2,057,208		13.65	%		15.25	%		1.15	%
		2022			1.30	%		2.70	%		20.79		42.89		53,775		2,061,167		-22.75	%		-21.66	%		0.93	%
		2021			1.30	%		2.70	%		26.86		55.06		61,167		3,012,588		11.45	%		13.02	%		0.86	%
		2020			1.30	%		2.70	%		24.05		48.98		69,643		3,041,237		16.25	%		17.89	%		1.11	%
		2019			1.30	%		2.70	%		20.65		41.78		78,447		2,924,463		21.89	%		23.61	%		1.06	%
Eaton Vance VT Floating-Rate Income Fund - ADV Class
		2023			0.35	%		0.80	%		12.61		12.98		360,788		4,670,757		10.59	%		11.09	%		8.49	%
		2022			0.35	%		0.80	%		11.39		12.10		229,733		2,681,128		-3.15	%		-2.71	%		4.86	%
		2021			0.35	%		0.80	%		11.76		12.44		217,192		2,607,497		2.92	%		3.38	%		3.12	%
		2020			0.35	%		0.80	%		11.42		12.04		148,477		1,738,666		1.46	%		1.91	%		3.65	%
		2019			0.35	%		0.80	%		11.25		11.82		366,791		4,229,636		6.61	%		7.11	%		4.56	%
Eaton Vance VT Floating-Rate Income Fund - Initial Class
		2023			0.00	%		1.65	%		10.68		13.24		3,041,095		36,192,880		9.39	%		11.21	%		8.20	%
		2022			0.00	%		1.65	%		9.72		11.94		3,421,424		37,004,360		-4.33	%		-2.73	%		4.59	%
		2021			0.00	%		1.65	%		10.58		12.31		3,345,802		37,830,933		1.90	%		3.50	%		2.88	%
		2020			0.10	%		1.65	%		10.35		11.92		3,102,671		34,403,696		0.34	%		1.91	%		3.30	%
		2019			0.10	%		1.65	%		10.28		11.72		2,475,696		27,231,876		5.38	%		7.02	%		4.31	%
Fidelity®​ VIP Balanced Portfolio - Initial Class
		2023			0.35	%		0.90	%		15.57		15.94		720,584		11,413,908		20.44	%		21.10	%		1.79	%
		2022			0.35	%		0.90	%		12.91		13.17		636,687		8,333,070		-18.68	%		-18.23	%		1.34	%
		2021			0.35	%		0.90	%		16.02		16.11		518,122		8,301,318		17.67	%		17.85	%		1.29	%
		2020			0.35	%		0.50	%		13.60		13.65		133,330		1,814,503		21.78	%		21.96	%		2.29	%
		2019	8/6/19		0.35	%		0.50	%		11.15		11.21		31,112		347,250		7.19	%		9.58	%		1.71	%

N-117

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Fidelity®​ VIP Balanced Portfolio - Service Class 2
		2023			0.00	%		3.25	%	$	13.80	$	16.05		26,211,917	$	393,667,797		17.36	%		21.23	%		1.66	%
		2022			0.00	%		3.20	%		11.78		13.24		20,361,729		255,928,330		-20.77	%		-18.19	%		1.10	%
		2021			0.00	%		3.20	%		14.87		16.18		16,868,108		262,567,558		14.27	%		17.99	%		0.80	%
		2020			0.00	%		3.20	%		13.02		13.69		11,232,024		150,143,640		18.34	%		22.00	%		1.57	%
		2019	5/23/19		0.10	%		3.15	%		11.01		11.22		3,292,818		36,582,102		2.97	%		12.72	%		2.36	%
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2
		2023	9/1/23		0.95	%		1.35	%		11.07		11.08		14,077		155,976		8.12	%		16.19	%		0.12	%
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2
		2023	9/1/23		0.95	%		1.65	%		9.87		9.90		22,645		224,067		-0.93	%		2.91	%		1.98	%
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class
		2023			0.35	%		0.80	%		23.97		28.24		336,345		8,384,696		32.39	%		32.99	%		0.51	%
		2022			0.35	%		0.80	%		18.10		21.24		297,919		5,598,755		-26.90	%		-26.57	%		0.49	%
		2021			0.35	%		0.80	%		24.75		28.95		355,708		9,130,307		26.82	%		27.39	%		0.06	%
		2020			0.35	%		0.80	%		19.50		22.73		378,342		7,715,029		29.53	%		30.11	%		0.24	%
		2019			0.35	%		0.80	%		15.05		17.48		239,284		3,823,811		30.53	%		31.12	%		0.49	%
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2
		2023			0.00	%		3.55	%		9.08		65.25		31,177,734		1,363,676,490		28.48	%		33.12	%		0.26	%
		2022			0.00	%		3.45	%		8.80		49.66		33,320,601		1,161,406,100		-28.99	%		-26.49	%		0.26	%
		2021			0.00	%		3.45	%		14.11		68.44		32,346,146		1,637,867,768		23.19	%		27.51	%		0.03	%
		2020			0.00	%		3.45	%		17.29		54.37		34,159,884		1,406,189,791		25.82	%		30.10	%		0.08	%
		2019			0.10	%		3.45	%		13.44		42.30		38,215,142		1,237,669,901		26.82	%		31.14	%		0.22	%
Fidelity®​ VIP Financials Portfolio - Initial Class
		2023	12/4/23		0.35	%		0.40	%		11.17		11.18		7,000		78,229		4.50	%		6.20	%		0.00	%
Fidelity®​ VIP Financials Portfolio - Service Class 2
		2023	9/1/23		1.10	%		1.50	%		11.50		11.52		6,759		77,825		0.51	%		22.02	%		2.90	%
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class
		2023			0.35	%		1.85	%		13.78		15.34		47,615		709,266		10.89	%		12.57	%		2.63	%
		2022			0.35	%		1.85	%		12.43		13.63		48,404		642,465		-15.52	%		-14.24	%		2.00	%
		2021			0.35	%		1.85	%		14.71		15.89		50,644		787,542		8.00	%		9.63	%		1.10	%
		2020			0.35	%		1.85	%		13.62		14.50		56,588		806,416		11.89	%		13.58	%		1.08	%
		2019			0.35	%		1.85	%		12.18		12.70		62,687		789,129		15.73	%		17.30	%		2.31	%
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2
		2023			0.30	%		2.90	%		11.35		15.23		1,865,506		25,844,162		9.43	%		12.31	%		2.43	%
		2022			0.30	%		2.90	%		10.12		13.56		1,973,236		24,621,119		-16.50	%		-14.29	%		1.87	%
		2021			0.30	%		2.90	%		11.82		15.82		2,059,073		30,399,690		6.74	%		9.55	%		0.99	%
		2020			0.30	%		2.90	%		12.15		14.44		1,911,228		26,065,280		10.63	%		13.55	%		1.03	%
		2019			0.30	%		2.90	%		10.81		12.72		1,713,771		20,866,844		14.33	%		17.34	%		1.75	%
Fidelity®​ VIP Growth Portfolio - Initial Class
		2023			0.35	%		2.50	%		30.94		72.12		255,009		10,365,745		32.88	%		35.76	%		0.12	%
		2022			0.35	%		2.50	%		22.88		53.92		279,213		8,574,530		-26.33	%		-24.72	%		0.61	%
		2021			0.35	%		2.50	%		30.51		72.71		282,474		11,862,192		20.20	%		22.78	%		0.00	%
		2020			0.35	%		2.50	%		24.95		60.12		242,213		8,906,376		40.35	%		43.39	%		0.07	%
		2019			0.35	%		2.50	%		17.47		42.56		233,494		6,288,142		30.98	%		33.84	%		0.26	%
Fidelity®​ VIP Growth Portfolio - Service Class 2
		2023			0.00	%		3.30	%		9.35		70.19		9,050,498		367,880,930		31.48	%		35.89	%		0.00	%
		2022			0.00	%		3.15	%		8.31		52.33		8,785,277		292,924,732		-26.98	%		-24.64	%		0.34	%
		2021			0.00	%		3.15	%		14.23		70.35		7,813,444		386,768,324		19.09	%		22.90	%		0.00	%
		2020			0.00	%		3.15	%		21.55		57.99		7,601,079		330,640,979		39.10	%		43.41	%		0.04	%
		2019			0.10	%		3.15	%		15.06		40.93		7,977,868		251,667,952		29.82	%		33.84	%		0.06	%
Fidelity®​ VIP Mid Cap Portfolio - Initial Class
		2023			0.35	%		0.80	%		18.50		20.86		213,295		4,139,797		14.16	%		14.67	%		0.54	%
		2022			0.35	%		0.80	%		16.19		18.20		243,649		4,129,908		-15.42	%		-15.04	%		0.51	%
		2021			0.35	%		0.80	%		19.14		21.43		220,470		4,416,236		24.60	%		25.16	%		0.67	%
		2020			0.35	%		0.80	%		15.35		17.13		197,642		3,186,666		17.25	%		17.78	%		0.74	%
		2019			0.35	%		0.80	%		13.09		14.55		158,179		2,188,212		22.46	%		23.02	%		0.91	%

N-118

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2
		2023			0.00	%		3.30	%	$	8.94	$	38.49		18,467,930	$	581,821,216		11.08	%		14.80	%		0.39	%
		2022			0.00	%		3.30	%		12.46		33.95		18,787,867		536,090,131		-17.73	%		-14.97	%		0.26	%
		2021			0.00	%		3.30	%		14.84		40.43		19,534,075		688,709,850		21.24	%		25.31	%		0.36	%
		2020			0.00	%		3.30	%		12.00		32.67		21,435,347		624,686,326		14.04	%		17.75	%		0.39	%
		2019			0.10	%		3.30	%		10.32		28.06		22,835,648		576,800,583		19.17	%		23.05	%		0.68	%
Fidelity®​ VIP Strategic Income Portfolio - Initial Class
		2023			0.35	%		0.75	%		11.93		12.62		550,101		6,727,003		8.59	%		9.03	%		4.57	%
		2022			0.35	%		0.75	%		10.98		11.58		513,812		5,764,444		-11.92	%		-11.57	%		3.82	%
		2021			0.35	%		0.75	%		12.47		13.10		386,530		4,915,692		2.96	%		3.38	%		3.00	%
		2020			0.35	%		0.75	%		12.11		12.68		246,010		3,031,663		6.71	%		7.14	%		4.46	%
		2019			0.35	%		0.75	%		11.35		11.84		162,197		1,868,659		10.06	%		10.50	%		3.23	%
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2
		2023			0.00	%		1.65	%		9.45		12.45		3,160,973		35,539,014		7.39	%		9.18	%		4.84	%
		2022			0.00	%		1.65	%		9.06		11.44		2,534,085		26,488,318		-12.97	%		-11.52	%		3.32	%
		2021			0.00	%		1.65	%		11.44		12.97		2,755,974		33,258,940		1.84	%		3.43	%		2.81	%
		2020			0.10	%		1.65	%		11.20		12.56		1,987,790		23,533,905		5.41	%		7.05	%		3.18	%
		2019			0.10	%		1.65	%		10.60		11.76		2,005,379		22,458,743		8.84	%		10.54	%		3.39	%
Fidelity®​ VIP Technology Portfolio - Initial Class
		2023	8/29/23		0.35	%		0.75	%		11.01		11.03		51,847		571,536		7.56	%		12.05	%		0.23	%
Fidelity®​ VIP Technology Portfolio - Service Class 2
		2023	9/1/23		0.00	%		1.65	%		11.00		11.07		442,626		4,876,056		4.95	%		13.32	%		0.19	%
First Trust Capital Strength Hedged Equity Portfolio - Class I
		2023	9/5/23		0.50	%		2.65	%		9.72		9.80		176,183		1,720,443		-2.64	%		2.00	%		0.47	%
First Trust Capital Strength Portfolio - Class I
		2023			0.00	%		2.65	%		13.10		14.43		8,097,158		111,584,154		4.94	%		7.75	%		0.99	%
		2022			0.00	%		2.65	%		12.48		13.39		6,363,329		82,425,608		-13.02	%		-10.68	%		0.69	%
		2021			0.00	%		3.05	%		14.26		14.96		3,892,572		57,129,801		21.53	%		25.17	%		0.64	%
		2020	5/19/20		0.10	%		3.05	%		11.73		11.95		1,233,699		14,630,774		2.48	%		18.48	%		0.39	%
First Trust Capital Strength Portfolio - Class II
		2023			0.35	%		1.85	%		13.62		14.38		84,159		1,203,409		6.12	%		7.73	%		1.04	%
		2022			0.35	%		0.75	%		13.21		13.35		110,437		1,468,147		-11.13	%		-10.77	%		0.96	%
		2021			0.35	%		0.75	%		14.92		14.96		82,498		1,230,975		24.98	%		25.17	%		0.92	%
		2020	6/5/20		0.35	%		0.50	%		11.94		11.95		47,473		566,907		13.75	%		14.26	%		0.46	%
First Trust Dorsey Wright Tactical Core Portfolio - Class I
		2023			0.00	%		1.65	%		9.22		15.69		771,503		9,868,906		9.46	%		11.28	%		2.03	%
		2022			0.00	%		1.65	%		8.39		14.11		887,329		10,413,272		-18.41	%		-17.05	%		1.55	%
		2021			0.00	%		1.65	%		12.75		17.03		869,127		12,453,859		12.01	%		13.76	%		0.39	%
		2020			0.10	%		1.65	%		11.35		14.97		786,724		10,242,778		9.27	%		10.98	%		0.50	%
		2019			0.10	%		1.65	%		10.35		13.49		825,592		9,938,685		19.01	%		20.87	%		0.64	%
First Trust Dorsey Wright Tactical Core Portfolio - Class II
		2023			0.35	%		0.40	%		15.13		15.63		17,862		271,247		11.11	%		11.16	%		2.56	%
		2022			0.35	%		0.40	%		13.61		14.07		39,135		533,515		-17.15	%		-17.10	%		1.66	%
		2021			0.35	%		0.40	%		16.42		16.42		48,962		804,937		13.44	%		13.44	%		1.13	%
		2020			0.35	%		0.35	%		14.47		14.47		2,081		30,116		10.57	%		10.57	%		0.65	%
		2019			0.35	%		0.35	%		13.09		13.09		3,283		42,970		20.86	%		20.86	%		0.90	%
First Trust Growth Strength Portfolio - Class I
		2023	5/30/23		0.50	%		2.75	%		12.50		12.68		514,418		6,486,076		6.84	%		22.36	%		0.15	%
First Trust International Developed Capital Strength Portfolio - Class I
		2023			0.00	%		1.65	%		14.00		14.87		685,881		9,605,680		14.99	%		16.90	%		0.59	%
		2022			0.00	%		1.65	%		12.18		12.72		316,518		3,941,422		-20.70	%		-19.38	%		0.80	%
		2021			0.00	%		1.65	%		15.43		15.54		133,371		2,068,808		17.65	%		18.12	%		1.30	%
		2020	6/30/20		0.95	%		1.35	%		13.12		13.15		39,739		522,061		6.23	%		18.56	%		0.86	%
First Trust International Developed Capital Strength Portfolio - Class II
		2023			0.35	%		0.75	%		14.58		14.80		28,245		364,296		16.35	%		16.82	%		0.77	%
		2022			0.35	%		0.40	%		12.65		12.67		23,719		300,359		-19.60	%		-19.56	%		1.04	%
		2021			0.35	%		0.40	%		15.73		15.75		12,099		190,518		18.96	%		19.02	%		1.63	%
		2020	8/4/20		0.35	%		0.40	%		13.23		13.23		4,642		61,412		8.52	%		13.72	%		0.79	%

N-119

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
First Trust Multi Income Allocation Portfolio - Class I
		2023			0.00	%		1.65	%	$	10.69	$	14.16		656,293	$	8,423,418		7.16	%		8.94	%		3.22	%
		2022			0.00	%		1.65	%		10.05		13.51		863,752		10,318,594		-9.04	%		-7.52	%		3.03	%
		2021			0.00	%		1.65	%		11.73		14.21		757,866		9,949,680		10.84	%		12.57	%		2.34	%
		2020			0.10	%		1.65	%		11.20		12.70		620,636		7,432,467		0.81	%		2.38	%		2.25	%
		2019			0.10	%		1.65	%		11.07		12.48		610,843		7,280,654		14.48	%		16.26	%		2.48	%
First Trust Multi Income Allocation Portfolio - Class II
		2023			0.35	%		0.35	%		13.60		13.60		2,442		33,226		8.84	%		8.84	%		3.84	%
		2022			0.35	%		0.35	%		12.50		12.50		1,814		22,678		-7.70	%		-7.70	%		3.25	%
		2021	6/17/21		0.35	%		0.35	%		13.54		13.54		3,432		46,482		4.87	%		4.87	%		2.52	%
		2019			0.75	%		0.75	%		11.58		11.58		2,912		33,731		15.70	%		15.70	%		2.53	%
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I
		2023			0.00	%		3.30	%		9.11		17.76		12,918,303		182,881,807		6.92	%		10.51	%		2.24	%
		2022			0.00	%		3.30	%		10.56		16.12		14,345,334		186,679,594		-15.05	%		-12.20	%		1.41	%
		2021			0.00	%		3.30	%		13.36		18.41		14,878,992		225,622,964		8.61	%		12.14	%		0.96	%
		2020			0.10	%		3.30	%		12.07		16.45		14,602,856		201,041,734		4.31	%		7.70	%		1.52	%
		2019			0.10	%		3.50	%		11.35		15.31		13,930,199		181,711,700		16.85	%		20.65	%		1.65	%
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II
		2023			0.35	%		1.85	%		14.18		18.04		104,264		1,631,529		8.81	%		10.45	%		2.52	%
		2022			0.35	%		1.85	%		13.03		16.34		114,345		1,620,037		-13.63	%		-12.32	%		1.71	%
		2021			0.35	%		1.85	%		15.08		18.64		108,672		1,757,379		10.43	%		12.10	%		1.23	%
		2020			0.35	%		1.85	%		13.66		16.64		104,706		1,511,108		6.14	%		7.75	%		1.77	%
		2019			0.35	%		1.85	%		12.87		15.45		97,430		1,305,508		18.80	%		20.53	%		5.00	%
Franklin Allocation VIP Fund - Class 1
		2023	3/15/23		0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		1.93	%
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		3.77	%
Franklin Allocation VIP Fund - Class 4
		2023			0.30	%		3.25	%		11.10		13.49		1,812,430		22,355,671		10.96	%		14.28	%		1.32	%
		2022			0.30	%		2.65	%		10.21		11.90		1,515,685		16,686,139		-18.39	%		-16.44	%		1.52	%
		2021			0.30	%		2.65	%		12.51		14.36		1,340,027		18,023,792		8.62	%		10.59	%		1.53	%
		2020			0.80	%		2.65	%		11.52		13.02		1,077,880		13,333,617		8.83	%		10.69	%		1.35	%
		2019			0.95	%		2.85	%		10.53		11.78		750,145		8,669,118		17.61	%		18.43	%		3.28	%
Franklin Income VIP Fund - Class 1
		2023			0.35	%		0.75	%		14.85		15.29		69,798		1,061,835		8.06	%		8.49	%		5.19	%
		2022			0.35	%		0.75	%		13.74		14.09		80,763		1,134,112		-5.94	%		-5.57	%		5.60	%
		2021			0.35	%		0.75	%		14.74		14.92		42,290		628,862		16.54	%		16.60	%		4.69	%
		2020			0.35	%		0.40	%		12.65		12.80		28,069		357,333		0.57	%		0.62	%		6.93	%
		2019			0.35	%		0.40	%		12.58		12.72		25,083		315,920		15.96	%		16.01	%		6.02	%
Franklin Income VIP Fund - Class 2
		2023			0.60	%		3.55	%		9.67		22.00		17,723,079		350,550,127		4.83	%		7.97	%		5.15	%
		2022			0.60	%		3.30	%		10.57		20.38		19,200,270		358,579,480		-8.54	%		-6.04	%		4.83	%
		2021			0.60	%		3.30	%		11.55		21.70		22,180,254		449,714,685		12.97	%		16.06	%		4.65	%
		2020			0.60	%		3.30	%		10.23		18.82		25,321,024		446,642,199		-2.58	%		0.09	%		5.86	%
		2019			0.60	%		3.30	%		10.50		18.92		27,183,377		483,947,543		12.29	%		15.37	%		5.38	%
Franklin Income VIP Fund - Class 4
		2023			0.00	%		3.05	%		11.23		15.16		12,250,286		165,950,900		5.29	%		8.55	%		4.91	%
		2022			0.00	%		3.05	%		10.60		13.98		11,597,077		147,064,040		-8.43	%		-5.59	%		4.66	%
		2021			0.00	%		3.05	%		12.32		14.83		9,798,060		133,883,773		13.09	%		16.47	%		4.32	%
		2020			0.10	%		3.05	%		10.71		12.73		9,016,042		107,144,516		-2.44	%		0.48	%		5.60	%
		2019			0.10	%		3.05	%		10.80		12.67		8,805,135		105,390,148		12.73	%		15.93	%		5.09	%
Franklin Multi-Asset Variable Conservative Growth - Class I
		2023			0.70	%		0.70	%		14.02		14.02		6,789		95,191		13.83	%		13.83	%		2.39	%
		2022			0.70	%		0.70	%		12.32		12.32		6,830		84,141		-14.77	%		-14.77	%		2.18	%
		2021			0.70	%		0.70	%		14.45		14.45		6,874		99,361		10.69	%		10.69	%		3.88	%
		2020	1/15/20		0.70	%		0.70	%		13.06		13.06		184		2,401		9.50	%		9.50	%		0.48	%

N-120

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Franklin Multi-Asset Variable Conservative Growth - Class II
		2023			0.30	%		2.85	%	$	12.02	$	14.24		1,278,748	$	16,855,550		11.06	%		13.93	%		2.26	%
		2022			0.30	%		2.85	%		10.82		12.50		1,157,470		13,560,061		-16.74	%		-14.59	%		1.95	%
		2021			0.30	%		2.85	%		12.99		14.63		1,222,099		16,920,659		8.00	%		10.79	%		3.36	%
		2020			0.30	%		2.90	%		11.85		13.20		966,336		12,184,374		7.60	%		10.44	%		2.07	%
		2019			0.30	%		3.00	%		11.18		11.96		710,393		8,211,581		13.64	%		16.59	%		2.47	%
Franklin Mutual Shares VIP Fund - Class 1
		2023			0.35	%		0.80	%		14.87		15.99		52,374		808,979		12.82	%		13.33	%		2.12	%
		2022			0.35	%		0.80	%		13.18		14.12		54,607		745,867		-7.90	%		-7.48	%		2.13	%
		2021			0.35	%		0.80	%		14.30		15.27		57,620		852,884		18.57	%		19.11	%		3.06	%
		2020			0.35	%		0.80	%		12.05		12.83		59,178		736,952		-5.61	%		-5.18	%		3.08	%
		2019			0.35	%		0.80	%		12.76		13.53		54,224		715,481		21.94	%		22.49	%		2.10	%
Franklin Mutual Shares VIP Fund - Class 2
		2023			0.60	%		3.30	%		9.65		24.63		23,657,116		470,398,016		9.78	%		12.79	%		1.85	%
		2022			0.60	%		3.25	%		10.90		21.84		26,346,280		470,366,840		-10.39	%		-7.99	%		1.80	%
		2021			0.60	%		3.25	%		12.14		23.73		30,580,457		601,705,908		15.36	%		18.46	%		2.81	%
		2020			0.60	%		3.25	%		10.51		20.03		37,068,582		619,818,323		-8.08	%		-5.61	%		2.92	%
		2019			0.60	%		3.25	%		11.42		21.22		36,127,419		643,775,979		18.65	%		21.84	%		1.81	%
Franklin Mutual Shares VIP Fund - Class 4
		2023			0.10	%		3.10	%		9.68		15.60		3,347,708		46,010,219		9.85	%		13.20	%		1.76	%
		2022			0.10	%		3.10	%		10.90		13.81		3,269,834		40,238,536		-10.30	%		-7.56	%		1.76	%
		2021			0.10	%		3.10	%		11.95		14.97		3,378,079		45,561,557		15.43	%		18.94	%		2.81	%
		2020			0.10	%		3.10	%		10.17		12.61		3,280,167		37,669,699		-8.07	%		-5.26	%		2.91	%
		2019			0.10	%		3.10	%		10.87		13.34		2,882,792		35,459,669		18.70	%		22.31	%		1.86	%
Franklin Rising Dividends VIP Fund - Class 1
		2023			0.35	%		0.75	%		21.37		25.54		147,103		3,325,990		11.55	%		12.00	%		1.14	%
		2022			0.35	%		0.75	%		19.16		22.82		152,051		3,076,014		-11.02	%		-10.66	%		1.05	%
		2021			0.35	%		0.75	%		21.53		25.55		88,028		2,039,764		26.15	%		26.66	%		1.01	%
		2020			0.35	%		0.75	%		17.37		20.18		64,229		1,217,135		15.76	%		15.82	%		1.41	%
		2019			0.35	%		0.40	%		15.00		17.43		53,275		883,704		29.07	%		29.13	%		1.48	%
Franklin Rising Dividends VIP Fund - Class 4
		2023			0.00	%		1.65	%		11.89		24.94		3,216,099		60,136,086		10.15	%		11.99	%		0.85	%
		2022			0.00	%		1.65	%		10.80		22.33		2,985,157		51,385,498		-12.14	%		-10.68	%		0.81	%
		2021			0.00	%		1.65	%		14.21		25.08		2,673,806		53,518,808		24.56	%		26.63	%		0.83	%
		2020			0.00	%		1.65	%		13.65		19.87		2,165,046		36,745,313		13.95	%		15.73	%		1.21	%
		2019			0.10	%		1.65	%		11.94		17.20		2,162,980		32,977,397		27.04	%		29.03	%		1.13	%
Franklin Small Cap Value VIP Fund - Class 1
		2023			0.35	%		0.75	%		17.50		19.21		138,577		2,511,310		12.18	%		12.63	%		0.82	%
		2022			0.35	%		0.75	%		15.60		17.06		166,393		2,680,056		-10.49	%		-10.13	%		1.38	%
		2021			0.35	%		0.75	%		17.81		18.99		106,695		1,925,118		25.17	%		25.23	%		1.06	%
		2020			0.35	%		0.40	%		14.22		15.17		58,221		850,613		4.99	%		5.04	%		1.67	%
		2019			0.35	%		0.75	%		13.36		14.45		43,860		615,116		25.78	%		26.28	%		1.31	%
Franklin Small Cap Value VIP Fund - Class 4
		2023			0.00	%		1.65	%		10.94		18.83		1,523,737		22,504,906		10.83	%		12.67	%		0.43	%
		2022			0.00	%		1.65	%		9.88		16.80		1,331,101		18,091,550		-11.58	%		-10.11	%		0.88	%
		2021			0.00	%		1.65	%		13.58		18.78		1,116,862		17,478,328		23.12	%		25.05	%		0.88	%
		2020			0.10	%		1.65	%		10.99		15.08		759,726		10,073,132		3.41	%		5.03	%		1.36	%
		2019			0.10	%		1.65	%		10.60		14.41		717,767		9,346,379		24.16	%		26.10	%		0.91	%
Franklin Small-Mid Cap Growth VIP Fund - Class 1
		2023			0.35	%		0.75	%		20.58		23.37		109,608		2,323,623		26.17	%		26.68	%		0.00	%
		2022			0.35	%		0.75	%		16.31		18.46		79,135		1,331,993		-34.02	%		-33.75	%		0.00	%
		2021			0.35	%		0.75	%		24.71		27.88		66,935		1,706,238		9.43	%		9.87	%		0.00	%
		2020			0.35	%		0.75	%		22.58		25.39		65,997		1,538,967		54.36	%		54.98	%		0.00	%
		2019			0.35	%		0.75	%		14.83		16.39		48,238		730,956		31.28	%		31.34	%		0.00	%
Franklin Small-Mid Cap Growth VIP Fund - Class 4
		2023			0.00	%		1.65	%		8.09		22.82		826,450		15,154,249		24.63	%		26.70	%		0.00	%
		2022			0.00	%		1.65	%		6.47		18.06		748,399		10,915,509		-34.85	%		-33.76	%		0.00	%
		2021			0.00	%		1.65	%		18.98		27.35		692,799		15,743,362		8.06	%		9.75	%		0.00	%
		2020			0.10	%		1.65	%		17.51		24.97		630,879		13,631,540		52.47	%		54.85	%		0.00	%
		2019			0.10	%		1.65	%		11.45		16.16		555,448		7,984,799		29.12	%		31.13	%		0.00	%

N-121

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Goldman Sachs VIT Government Money Market Fund - Institutional Shares
		2023			0.40	%		0.80	%	$	10.42	$	10.83		50,578	$	544,914		4.20	%		4.62	%		4.91	%
		2022			0.40	%		0.80	%		10.00		10.35		90,898		938,358		0.79	%		1.19	%		2.24	%
		2021			0.40	%		0.80	%		9.92		10.23		32,509		330,087		-0.79	%		-0.39	%		0.01	%
		2020			0.40	%		0.80	%		10.00		10.27		31,244		318,585		-0.37	%		0.03	%		0.50	%
		2019			0.40	%		0.80	%		10.04		10.27		47,589		486,543		1.30	%		1.71	%		2.09	%
Goldman Sachs VIT Government Money Market Fund - Service Shares
		2023			0.30	%		1.65	%		9.45		10.76		1,679,424		16,894,075		3.06	%		4.46	%		4.67	%
		2022			0.30	%		1.65	%		9.16		10.30		2,047,033		19,794,031		-0.27	%		1.09	%		1.48	%
		2021			0.30	%		1.65	%		9.19		10.19		1,681,576		16,222,063		-1.63	%		-0.29	%		0.01	%
		2020			0.30	%		1.65	%		9.34		10.22		2,756,876		26,767,743		-1.38	%		-0.04	%		0.23	%
		2019			0.30	%		1.65	%		9.47		10.22		2,491,076		24,395,322		0.20	%		1.56	%		1.84	%
Goldman Sachs VIT Large Cap Value Fund - Service Shares
		2023			0.60	%		2.95	%		13.41		37.00		3,555,734		113,292,913		9.43	%		12.04	%		1.49	%
		2022			0.60	%		2.60	%		20.56		33.02		3,811,093		110,457,708		-8.97	%		-7.13	%		1.05	%
		2021			0.60	%		2.60	%		22.57		35.56		4,431,345		142,350,491		20.75	%		23.19	%		0.87	%
		2020			0.60	%		2.60	%		18.69		28.86		5,431,793		142,101,185		1.08	%		3.13	%		1.17	%
		2019			0.60	%		2.60	%		18.48		27.99		5,538,746		141,063,268		22.39	%		24.86	%		1.21	%
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares
		2023			0.95	%		1.65	%		9.50		10.89		344,935		3,579,702		5.77	%		6.51	%		6.84	%
		2022			0.95	%		1.65	%		8.98		10.22		324,055		3,160,328		-8.14	%		-7.49	%		3.84	%
		2021			0.95	%		1.65	%		9.77		11.05		262,683		2,752,056		2.94	%		3.67	%		1.42	%
		2020			0.95	%		1.65	%		9.50		10.66		241,213		2,417,479		4.84	%		5.57	%		1.84	%
		2019			0.95	%		1.65	%		9.06		10.10		249,085		2,333,418		6.83	%		7.58	%		2.61	%
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares
		2023			0.35	%		0.75	%		11.13		11.87		138,591		1,642,395		7.10	%		7.53	%		6.79	%
		2022			0.35	%		0.75	%		10.35		11.04		144,522		1,592,960		-6.94	%		-6.57	%		3.51	%
		2021			0.35	%		0.75	%		11.09		11.82		157,615		1,859,385		4.24	%		4.66	%		1.87	%
		2020			0.35	%		0.75	%		10.60		11.29		79,700		894,929		6.27	%		6.69	%		2.33	%
		2019			0.35	%		0.75	%		9.94		10.58		68,465		720,081		8.29	%		8.73	%		4.63	%
Guggenheim VT Long Short Equity
		2023			0.00	%		1.65	%		11.10		13.87		458,602		5,876,391		10.91	%		12.75	%		0.26	%
		2022			0.00	%		1.65	%		10.23		12.33		455,110		5,212,009		-15.79	%		-14.39	%		0.47	%
		2021			0.00	%		1.65	%		12.11		14.45		451,839		6,060,083		21.77	%		23.67	%		0.69	%
		2020			0.10	%		1.65	%		9.91		11.71		330,534		3,670,727		3.21	%		4.82	%		0.81	%
		2019			0.10	%		1.65	%		9.58		11.19		378,329		4,043,131		3.81	%		5.43	%		0.57	%
Guggenheim VT Multi-Hedge Strategies
		2023			0.00	%		1.65	%		10.14		12.44		790,564		9,188,611		2.54	%		4.25	%		2.79	%
		2022			0.00	%		1.65	%		10.53		11.97		967,719		10,856,500		-4.87	%		-3.29	%		1.34	%
		2021			0.00	%		1.65	%		10.89		12.41		729,389		8,557,830		6.34	%		8.10	%		0.00	%
		2020			0.00	%		1.65	%		10.53		11.52		575,291		6,299,090		5.63	%		7.28	%		1.35	%
		2019			0.10	%		1.65	%		9.97		10.76		473,670		4,851,999		3.29	%		4.70	%		2.38	%
Hartford Capital Appreciation HLS Fund - Class IA
		2023			0.40	%		0.40	%		22.93		22.93		4,500		103,219		19.52	%		19.52	%		0.90	%
		2022			0.40	%		0.40	%		19.19		19.19		4,494		86,231		-15.64	%		-15.64	%		0.93	%
		2021			0.40	%		0.40	%		22.75		22.75		4,686		106,578		14.30	%		14.30	%		0.48	%
		2020			0.40	%		0.40	%		19.90		19.90		4,679		93,109		21.43	%		21.43	%		1.00	%
		2019			0.40	%		0.40	%		16.39		16.39		4,672		76,568		30.76	%		30.76	%		1.23	%
Hartford Capital Appreciation HLS Fund - Class IC
		2023			0.00	%		1.65	%		13.36		22.07		753,560		13,708,113		17.42	%		19.38	%		0.36	%
		2022			0.00	%		1.65	%		11.19		18.54		848,083		13,102,371		-17.10	%		-15.71	%		0.24	%
		2021			0.00	%		1.65	%		15.49		22.07		932,677		17,526,560		12.32	%		14.07	%		0.03	%
		2020			0.10	%		1.65	%		13.75		19.38		958,021		16,220,407		19.33	%		21.20	%		0.48	%
		2019			0.10	%		1.65	%		11.48		16.03		968,891		13,944,694		28.49	%		30.50	%		1.01	%
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares
		2023			0.35	%		0.75	%		13.66		14.51		83,404		1,187,217		20.16	%		20.64	%		0.62	%
		2022			0.35	%		0.75	%		11.33		12.03		113,463		1,334,186		-27.68	%		-27.38	%		0.00	%
		2021			0.35	%		0.80	%		15.13		16.56		113,597		1,835,930		9.34	%		9.83	%		0.00	%
		2020			0.35	%		0.80	%		13.84		15.08		92,331		1,350,062		20.53	%		21.08	%		1.01	%
		2019			0.35	%		0.80	%		11.48		12.45		67,327		803,467		27.58	%		28.15	%		1.04	%

N-122

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares
		2023			0.00	%		1.65	%	$	10.89	$	15.06		1,295,830	$	15,560,406		18.66	%		20.64	%		0.31	%
		2022			0.00	%		1.65	%		9.15		12.50		1,299,468		13,177,027		-28.36	%		-27.16	%		0.00	%
		2021			0.00	%		1.65	%		12.73		17.18		1,353,246		19,096,569		8.32	%		10.01	%		0.00	%
		2020			0.10	%		1.65	%		11.72		15.62		1,345,471		17,506,199		19.06	%		20.92	%		0.63	%
		2019			0.10	%		1.65	%		9.81		12.91		1,475,585		16,258,622		25.86	%		27.82	%		0.71	%
Invesco V.I. American Franchise Fund - Series I Shares
		2023			1.40	%		1.80	%		14.28		24.81		89,433		2,107,187		38.42	%		38.97	%		0.00	%
		2022			1.40	%		1.80	%		10.32		17.85		101,815		1,730,167		-32.34	%		-32.07	%		0.00	%
		2021			1.40	%		1.80	%		15.25		26.28		115,676		2,890,695		9.75	%		10.37	%		0.00	%
		2020			1.40	%		1.80	%		13.90		23.81		141,921		3,225,824		39.55	%		40.38	%		0.07	%
		2019			1.40	%		1.80	%		9.96		16.96		158,174		2,557,796		34.31	%		34.86	%		0.00	%
Invesco V.I. American Franchise Fund - Series II Shares
		2023			1.35	%		2.70	%		8.57		43.60		20,087		654,952		36.86	%		38.71	%		0.00	%
		2022			1.35	%		1.90	%		22.38		31.43		23,369		551,739		-32.59	%		-32.22	%		0.00	%
		2021			1.35	%		2.45	%		33.19		46.37		24,106		862,512		8.99	%		10.10	%		0.00	%
		2020			1.35	%		2.45	%		30.30		42.17		71,670		2,259,135		38.59	%		40.03	%		0.00	%
		2019			1.35	%		2.45	%		21.75		30.11		74,439		1,682,864		33.14	%		34.73	%		0.00	%
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares
		2023			0.35	%		0.75	%		12.36		12.73		59,311		753,773		5.84	%		6.26	%		0.00	%
		2022			0.35	%		0.75	%		11.68		11.98		105,477		1,262,545		-14.99	%		-14.65	%		7.28	%
		2021			0.35	%		0.75	%		13.74		14.04		112,214		1,573,971		8.73	%		9.16	%		3.16	%
		2020			0.35	%		0.75	%		12.64		14.00		116,574		1,502,282		9.40	%		9.84	%		7.89	%
		2019			0.35	%		0.75	%		11.55		12.76		117,307		1,376,482		14.35	%		14.80	%		0.00	%
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares
		2023			0.10	%		1.65	%		10.78		13.66		810,827		9,837,101		4.66	%		6.29	%		0.00	%
		2022			0.10	%		1.65	%		10.18		12.88		869,252		10,054,528		-15.92	%		-14.60	%		7.01	%
		2021			0.10	%		1.65	%		11.95		15.11		945,568		12,976,823		7.47	%		8.91	%		2.98	%
		2020			0.30	%		1.65	%		11.30		13.51		973,150		12,389,796		8.19	%		9.44	%		7.49	%
		2019			0.10	%		1.65	%		10.41		12.37		1,158,549		13,686,453		13.00	%		14.77	%		0.00	%
Invesco V.I. Comstock Fund - Series I Shares
		2023			0.35	%		0.80	%		20.63		21.96		111,986		2,377,803		11.46	%		11.97	%		1.72	%
		2022			0.35	%		0.75	%		18.50		19.62		126,586		2,400,568		0.37	%		0.77	%		2.21	%
		2021			0.35	%		0.75	%		18.83		19.48		24,823		471,885		32.83	%		32.89	%		1.68	%
		2020			0.35	%		0.40	%		14.17		14.67		25,747		369,225		-1.25	%		-1.20	%		2.49	%
		2019			0.35	%		0.40	%		14.34		14.85		20,436		297,683		24.80	%		24.86	%		2.16	%
Invesco V.I. Comstock Fund - Series II Shares
		2023			0.00	%		1.65	%		13.42		21.65		1,716,711		28,809,042		10.26	%		12.09	%		1.47	%
		2022			0.00	%		1.65	%		13.25		19.37		2,167,543		33,241,833		-0.81	%		0.85	%		1.63	%
		2021			0.00	%		1.65	%		13.32		19.27		811,508		13,265,044		30.87	%		32.91	%		1.84	%
		2020			0.10	%		1.65	%		10.15		14.53		561,979		7,440,826		-2.71	%		-1.19	%		2.05	%
		2019			0.10	%		1.65	%		10.40		14.73		596,983		8,185,352		22.90	%		24.82	%		1.77	%
Invesco V.I. Core Equity Fund - Series I Shares
		2023			1.40	%		2.35	%		18.21		35.16		196,721		4,937,648		20.50	%		21.65	%		0.72	%
		2022			1.40	%		2.35	%		15.03		29.12		220,059		4,581,483		-22.40	%		-21.65	%		0.89	%
		2021			1.40	%		2.35	%		19.26		37.45		248,876		6,659,287		24.77	%		25.96	%		0.66	%
		2020			1.40	%		2.35	%		15.35		29.96		272,343		5,761,569		11.20	%		12.27	%		1.34	%
		2019			1.40	%		2.35	%		13.73		26.88		296,838		5,603,944		25.97	%		27.17	%		0.92	%
Invesco V.I. Core Equity Fund - Series II Shares
		2023			1.30	%		2.65	%		25.90		36.78		37,183		1,044,863		19.86	%		21.50	%		0.48	%
		2022			1.30	%		2.65	%		21.46		30.28		45,290		1,070,967		-22.82	%		-21.78	%		0.63	%
		2021			1.30	%		2.65	%		27.61		38.71		45,226		1,373,234		24.05	%		25.74	%		0.43	%
		2020			1.30	%		2.65	%		22.11		30.78		54,655		1,322,183		10.60	%		12.10	%		1.03	%
		2019			1.30	%		2.65	%		19.85		27.46		61,289		1,326,705		25.30	%		27.00	%		0.17	%
Invesco V.I. Diversified Dividend Fund - Series I Shares
		2023			0.35	%		0.35	%		16.24		16.24		60,051		973,813		8.66	%		8.66	%		1.85	%
		2022			0.35	%		0.35	%		14.95		14.95		79,227		1,184,403		-2.02	%		-2.02	%		2.30	%
		2021			0.35	%		0.35	%		15.26		15.26		39,454		601,997		18.48	%		18.48	%		1.93	%
		2020			0.35	%		0.40	%		12.88		15.30		47,613		620,376		-0.26	%		-0.21	%		2.77	%
		2019			0.35	%		0.40	%		12.91		15.33		58,955		768,072		24.59	%		24.65	%		3.16	%

N-123

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Invesco V.I. Diversified Dividend Fund - Series II Shares
		2023			0.00	%		1.65	%	$	11.82	$	18.98		1,370,226	$	22,320,400		6.99	%		8.77	%		1.72	%
		2022			0.00	%		1.65	%		11.04		17.51		1,603,365		24,614,502		-3.53	%		-1.92	%		1.73	%
		2021			0.00	%		1.65	%		13.29		17.93		1,397,888		22,651,671		16.65	%		18.48	%		2.01	%
		2020			0.10	%		1.65	%		11.36		15.19		1,280,565		17,952,700		-1.77	%		-0.23	%		2.91	%
		2019			0.10	%		1.65	%		11.53		15.29		1,324,608		18,959,768		22.73	%		24.65	%		2.66	%
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares
		2023			0.35	%		1.85	%		19.10		24.03		297,379		6,223,754		11.63	%		13.32	%		1.22	%
		2022			0.35	%		1.85	%		17.11		21.22		444,526		8,226,199		-13.42	%		-12.11	%		1.09	%
		2021			0.35	%		1.85	%		19.76		24.15		397,135		8,394,359		26.81	%		28.72	%		1.21	%
		2020			0.35	%		2.05	%		15.59		18.77		346,118		5,660,570		10.68	%		12.35	%		1.27	%
		2019			0.35	%		1.85	%		14.45		16.72		373,549		5,460,830		27.89	%		28.34	%		2.40	%
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares
		2023			0.10	%		3.50	%		9.38		23.68		15,498,871		293,299,332		9.53	%		13.32	%		1.17	%
		2022			0.10	%		3.30	%		13.94		20.94		16,062,398		272,413,212		-14.92	%		-12.15	%		0.81	%
		2021			0.10	%		3.30	%		16.12		23.88		16,211,890		318,950,401		24.70	%		28.76	%		1.10	%
		2020			0.10	%		3.30	%		12.68		18.59		15,202,564		236,135,426		8.77	%		12.30	%		1.33	%
		2019			0.10	%		3.30	%		11.43		16.58		13,948,568		196,609,698		24.29	%		28.33	%		1.67	%
Invesco V.I. Equity and Income Fund - Series I Shares
		2023			0.35	%		0.35	%		17.09		17.09		53,385		912,250		10.17	%		10.17	%		2.05	%
		2022			0.35	%		0.35	%		15.51		15.51		59,049		915,886		-7.83	%		-7.83	%		1.75	%
		2021			0.35	%		0.35	%		16.83		16.83		27,550		463,647		18.24	%		18.24	%		2.54	%
		2020			0.35	%		0.35	%		14.23		14.23		3,342		47,570		9.57	%		9.57	%		2.47	%
		2019			0.35	%		0.35	%		12.99		12.99		3,527		45,823		19.94	%		19.94	%		2.55	%
Invesco V.I. Equity and Income Fund - Series II Shares
		2023			0.00	%		1.65	%		10.11		17.55		1,174,090		17,716,836		8.43	%		10.24	%		1.80	%
		2022			0.00	%		1.65	%		9.33		16.00		1,052,061		14,765,621		-9.23	%		-7.71	%		1.50	%
		2021			0.00	%		1.65	%		13.30		17.43		784,608		12,702,304		16.41	%		18.24	%		1.67	%
		2020			0.10	%		1.65	%		11.39		14.80		811,963		11,377,077		7.86	%		9.55	%		2.17	%
		2019			0.10	%		1.65	%		10.60		13.97		922,561		12,115,489		18.05	%		19.89	%		2.17	%
Invesco V.I. EQV International Equity Fund - Series I Shares
		2023			0.35	%		3.20	%		11.99		35.36		128,449		2,268,440		14.42	%		17.73	%		0.19	%
		2022			0.35	%		3.20	%		10.48		30.49		169,758		2,490,240		-20.88	%		-18.59	%		1.85	%
		2021			0.35	%		3.20	%		13.24		38.01		141,077		2,676,292		2.55	%		5.52	%		1.28	%
		2020			0.35	%		3.20	%		12.91		36.57		141,766		2,757,658		10.40	%		13.60	%		2.51	%
		2019			0.35	%		3.20	%		11.55		32.68		118,734		2,081,486		24.77	%		28.13	%		1.50	%
Invesco V.I. EQV International Equity Fund - Series II Shares
		2023			0.00	%		3.40	%		8.86		35.17		3,322,769		79,236,649		13.93	%		17.87	%		0.00	%
		2022			0.00	%		3.30	%		9.31		30.23		3,543,997		72,655,962		-21.15	%		-18.50	%		1.44	%
		2021			0.00	%		3.30	%		11.81		37.58		3,537,872		91,553,956		2.19	%		5.50	%		1.10	%
		2020			0.10	%		3.30	%		11.56		36.05		3,307,565		82,073,552		10.05	%		13.63	%		2.16	%
		2019			0.10	%		3.30	%		10.50		32.11		3,354,808		75,031,915		24.08	%		28.11	%		1.34	%
Invesco V.I. Global Fund - Series II Shares
		2023			0.65	%		2.20	%		13.88		50.24		159,171		6,444,926		31.53	%		33.57	%		0.00	%
		2022			0.65	%		2.20	%		18.61		37.62		188,758		5,996,884		-33.42	%		-32.38	%		0.00	%
		2021			0.65	%		2.20	%		27.92		55.63		173,969		8,366,964		12.65	%		14.42	%		0.00	%
		2020			0.65	%		2.20	%		24.74		48.62		209,459		8,798,039		24.57	%		26.51	%		0.42	%
		2019			0.65	%		2.55	%		19.83		38.43		258,694		8,582,552		28.60	%		30.60	%		0.63	%
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares
		2023			0.35	%		0.75	%		19.51		22.55		160,279		3,225,510		17.25	%		17.72	%		1.47	%
		2022			0.35	%		0.75	%		16.64		19.16		98,979		1,696,549		-16.46	%		-16.13	%		0.57	%
		2021			0.35	%		0.75	%		19.92		22.86		84,786		1,738,925		21.64	%		22.12	%		0.34	%
		2020			0.35	%		0.75	%		16.38		18.73		112,109		1,901,289		19.03	%		19.51	%		0.94	%
		2019			0.35	%		0.75	%		13.76		15.68		38,838		571,950		25.53	%		26.03	%		0.20	%
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares
		2023			0.00	%		1.65	%		10.18		22.22		1,688,102		28,426,946		15.89	%		17.82	%		0.97	%
		2022			0.00	%		1.65	%		8.78		18.91		1,476,740		21,961,700		-17.42	%		-16.04	%		0.25	%
		2021			0.00	%		1.65	%		14.85		22.60		1,317,128		25,105,654		20.26	%		22.26	%		0.20	%
		2020			0.00	%		1.65	%		12.55		18.54		1,102,313		18,283,281		17.68	%		19.52	%		0.36	%
		2019			0.10	%		1.65	%		10.63		15.54		1,195,112		17,135,467		24.07	%		26.01	%		0.00	%

N-124

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Janus Henderson Balanced Portfolio - Service Shares
		2023			1.30	%		2.75	%	$	24.70	$	39.28		311,190	$	11,427,197		12.01	%		13.65	%		1.74	%
		2022			1.30	%		2.75	%		22.05		34.56		366,486		11,889,833		-18.88	%		-17.70	%		0.94	%
		2021			1.30	%		2.75	%		27.18		41.99		404,257		15,970,597		13.74	%		15.40	%		0.67	%
		2020			1.30	%		2.75	%		21.09		36.39		436,090		14,946,703		10.94	%		12.56	%		1.46	%
		2019			1.30	%		2.75	%		19.00		32.33		498,402		15,219,007		18.96	%		20.69	%		1.66	%
Janus Henderson Enterprise Portfolio - Service Shares
		2023			1.30	%		2.65	%		63.14		84.31		84,657		5,120,310		14.70	%		16.26	%		0.09	%
		2022			1.30	%		2.65	%		39.80		72.52		77,104		4,676,207		-18.35	%		-17.23	%		0.08	%
		2021			1.30	%		2.65	%		48.55		87.62		83,647		6,154,199		13.49	%		15.04	%		0.25	%
		2020			1.30	%		2.65	%		42.61		76.17		120,278		7,555,666		16.07	%		17.64	%		0.00	%
		2019			1.30	%		2.65	%		36.56		64.74		132,885		7,137,194		31.63	%		33.41	%		0.05	%
Janus Henderson Global Research Portfolio - Service Shares
		2023			1.35	%		2.20	%		26.18		35.51		19,911		501,264		23.72	%		24.79	%		0.79	%
		2022			1.35	%		2.20	%		21.11		28.45		19,422		442,133		-21.36	%		-20.69	%		0.89	%
		2021			1.35	%		2.20	%		26.78		35.88		21,725		623,350		15.10	%		16.20	%		0.36	%
		2020			1.35	%		2.20	%		23.18		30.87		22,724		560,222		17.05	%		18.15	%		0.52	%
		2019			1.35	%		2.20	%		19.73		26.13		28,434		597,262		25.83	%		26.98	%		0.83	%
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2
		2022			0.30	%		2.85	%		10.71		13.03		337,473		4,010,465		-20.14	%		-18.07	%		1.42	%
		2021			0.30	%		2.85	%		13.41		15.53		363,273		5,321,740		6.19	%		8.56	%		0.82	%
		2020			0.65	%		2.85	%		12.63		14.31		378,517		5,150,441		12.16	%		14.65	%		1.69	%
		2019			0.30	%		2.85	%		11.29		12.69		432,375		5,174,838		13.36	%		16.22	%		2.04	%
JPMorgan Insurance Trust Income Builder Portfolio - Class 1
		2022			0.35	%		0.40	%		12.02		12.22		33,779		406,418		-12.65	%		-12.60	%		3.86	%
		2021			0.35	%		0.40	%		13.75		13.75		34,110		469,603		8.13	%		8.13	%		2.93	%
		2020			0.35	%		0.35	%		12.72		12.72		32,246		410,048		5.08	%		5.08	%		3.41	%
		2019			0.35	%		0.35	%		12.10		12.10		28,554		345,550		14.16	%		14.16	%		4.51	%
JPMorgan Insurance Trust Income Builder Portfolio - Class 2
		2022			0.10	%		1.65	%		10.24		12.14		358,504		3,915,940		-13.94	%		-12.59	%		3.62	%
		2021			0.10	%		1.65	%		11.87		13.89		393,770		4,990,123		6.45	%		8.11	%		2.64	%
		2020			0.10	%		1.65	%		11.12		12.85		394,554		4,675,388		3.49	%		5.11	%		3.26	%
		2019			0.10	%		1.65	%		10.71		12.24		392,098		4,466,970		12.40	%		14.15	%		3.27	%
Lincoln Hedged Nasdaq-100 Fund - Service Class
		2023			0.00	%		1.35	%		11.25		11.61		69,234		784,648		34.51	%		36.33	%		0.00	%
		2022			0.95	%		1.35	%		8.37		8.41		88,785		751,814		-18.52	%		-18.19	%		0.00	%
		2021	9/20/21		0.95	%		1.35	%		10.27		10.28		10,744		110,407		0.03	%		2.32	%		1.59	%
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class
		2023			0.00	%		1.35	%		9.96		10.24		92,780		932,025		24.66	%		26.35	%		0.02	%
		2022			0.00	%		0.00	%		8.10		8.10		46,580		373,907		-20.38	%		-20.38	%		0.31	%
		2021	12/20/21		0.00	%		0.00	%		10.18		10.18		38,843		395,345		2.22	%		2.22	%		0.00	%
Lincoln Hedged S&P 500 Conservative Fund - Service Class
		2023			0.00	%		1.65	%		10.25		10.66		231,699		2,407,056		8.88	%		10.69	%		0.00	%
		2022	6/2/22		0.00	%		1.65	%		9.41		9.63		380,682		3,620,188		-3.75	%		1.68	%		1.38	%
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class
		2023			0.00	%		1.65	%		11.03		11.42		251,023		2,817,765		13.76	%		15.65	%		0.00	%
		2022			0.00	%		0.00	%		9.88		9.88		150,978		1,472,038		-1.75	%		-1.75	%		0.00	%
		2021	12/17/21		0.00	%		0.00	%		10.05		10.05		10,034		100,864		1.19	%		1.19	%		0.58	%
Lincoln Hedged S&P 500 Fund - Service Class
		2023			0.00	%		1.65	%		10.40		10.82		188,426		1,990,365		12.92	%		14.80	%		0.01	%
		2022			0.95	%		1.25	%		9.26		9.30		120,703		1,123,906		-10.37	%		-10.10	%		0.00	%
		2021	8/25/21		0.95	%		1.25	%		10.33		10.35		33,614		347,749		0.73	%		2.72	%		1.62	%
Lincoln Hedged S&P 500 Fund 2 - Service Class
		2023			0.00	%		1.35	%		10.75		11.06		195,127		2,114,806		15.78	%		17.35	%		0.01	%
		2022			0.95	%		0.95	%		9.32		9.32		119,874		1,117,194		-7.54	%		-7.54	%		0.00	%
		2021	11/23/21		0.95	%		0.95	%		10.09		10.09		2,690		27,132		0.98	%		0.98	%		0.60	%
Lincoln iShares®​ Fixed Income Allocation Fund - Standard Class
		2021			0.75	%		0.75	%		11.56		11.56		4,172		48,239		-2.33	%		-2.33	%		1.40	%
		2020	8/27/20		0.75	%		0.75	%		11.84		11.84		4,378		51,826		0.41	%		0.41	%		1.63	%

N-125

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Lincoln iShares®​ Global Growth Allocation Fund - Standard Class
		2021			0.75	%		0.75	%	$	16.34	$	16.34		35,908	$	586,698		13.06	%		13.06	%		1.77	%
		2020			0.75	%		0.75	%		14.45		14.45		45,407		656,216		12.45	%		12.45	%		1.65	%
		2019			0.75	%		0.75	%		12.85		12.85		45,795		588,554		21.04	%		21.04	%		2.64	%
Lincoln iShares®​ U.S. Moderate Allocation Fund - Standard Class
		2021			0.75	%		0.75	%		16.41		16.41		41,049		673,528		14.64	%		14.64	%		1.25	%
		2020			0.75	%		0.75	%		14.31		14.31		52,088		745,490		11.32	%		11.32	%		1.72	%
		2019			0.75	%		0.75	%		12.86		12.86		86,633		1,113,835		20.06	%		20.06	%		2.13	%
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class
		2023			0.00	%		1.35	%		11.54		11.95		100,746		1,176,449		29.90	%		31.67	%		0.00	%
		2022			0.95	%		1.25	%		8.90		8.94		45,584		407,984		-15.67	%		-15.42	%		0.00	%
		2021	11/19/21		0.95	%		1.25	%		10.55		10.57		2,389		25,221		-0.08	%		0.33	%		0.94	%
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class
		2023			0.95	%		1.25	%		11.25		11.31		14,616		164,949		31.08	%		31.47	%		0.00	%
		2022	4/21/22		0.95	%		1.25	%		8.58		8.60		43,473		373,831		-11.78	%		-10.73	%		0.40	%
Lincoln Opportunistic Hedged Equity Fund - Service Class
		2023	12/22/23		1.30	%		1.30	%		10.08		10.08		25,460		256,717		0.24	%		0.24	%		0.02	%
Lincoln S&P 500 Buffer Fund Feb - Service Class
		2023			0.00	%		1.65	%		10.95		11.30		205,434		2,272,123		15.54	%		17.46	%		0.03	%
		2022	3/10/22		0.00	%		1.65	%		9.48		9.62		136,386		1,300,030		-5.25	%		5.48	%		1.25	%
Lincoln S&P 500 Buffer Fund May - Service Class
		2023			0.00	%		1.35	%		11.21		11.62		275,214		3,145,910		15.06	%		16.63	%		0.02	%
		2022			0.40	%		1.25	%		9.76		9.90		111,699		1,100,290		-8.04	%		-7.25	%		0.34	%
		2021	10/1/21		0.40	%		1.25	%		10.61		10.67		18,855		200,650		0.57	%		3.49	%		1.12	%
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class
		2023			0.10	%		1.65	%		10.63		10.95		190,781		2,045,998		9.57	%		11.28	%		0.00	%
		2022	3/10/22		0.10	%		1.65	%		9.70		9.84		90,993		886,529		-2.70	%		0.32	%		0.86	%
Lincoln S&P 500 Ultra Buffer Fund May - Service Class
		2023			0.00	%		1.35	%		10.94		11.33		355,730		3,934,954		11.48	%		13.00	%		0.00	%
		2022			0.95	%		0.95	%		9.88		9.88		237,442		2,354,915		-3.98	%		-3.98	%		1.20	%
		2021	10/14/21		0.95	%		0.95	%		10.28		10.28		6,570		67,573		0.90	%		0.90	%		0.98	%
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC
		2023			0.00	%		1.65	%		8.94		13.22		3,662,730		41,923,199		4.81	%		6.55	%		5.23	%
		2022			0.00	%		1.65	%		8.53		12.45		3,703,563		40,427,493		-14.23	%		-12.80	%		3.91	%
		2021			0.00	%		1.65	%		11.56		14.32		4,555,378		58,913,412		1.59	%		3.17	%		3.62	%
		2020			0.10	%		1.65	%		11.35		13.90		2,923,695		37,322,489		5.55	%		7.20	%		3.96	%
		2019			0.10	%		1.65	%		10.72		13.00		3,154,345		38,351,237		11.50	%		13.24	%		4.40	%
Lord Abbett Series Fund Developing Growth Portfolio - Class VC
		2023			0.00	%		1.65	%		9.16		21.59		1,270,470		20,165,497		6.40	%		8.17	%		0.00	%
		2022			0.00	%		1.65	%		8.39		19.98		1,432,280		21,344,479		-37.03	%		-35.98	%		0.00	%
		2021			0.00	%		1.65	%		18.98		31.24		1,453,315		35,072,730		-4.34	%		-2.84	%		0.00	%
		2020			0.10	%		1.65	%		19.78		32.15		1,275,046		33,451,706		69.78	%		72.43	%		0.00	%
		2019			0.10	%		1.65	%		11.61		18.65		1,165,687		18,429,499		29.61	%		31.63	%		0.00	%
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC
		2023			0.65	%		2.55	%		13.11		41.25		299,948		10,389,483		11.75	%		13.89	%		0.58	%
		2022			0.65	%		2.55	%		19.16		36.22		324,860		10,184,570		-14.20	%		-12.55	%		0.99	%
		2021			0.65	%		2.55	%		22.33		41.42		385,495		14,061,994		24.11	%		26.49	%		0.78	%
		2020			0.65	%		2.55	%		17.99		32.75		469,085		13,552,228		-0.79	%		1.11	%		1.26	%
		2019			0.65	%		2.55	%		18.13		32.39		469,612		13,446,981		18.46	%		20.73	%		1.23	%
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC
		2023			0.00	%		1.65	%		9.53		11.37		4,574,174		48,153,162		3.33	%		5.05	%		4.31	%
		2022			0.00	%		1.65	%		9.22		10.85		4,794,941		48,509,500		-6.61	%		-5.06	%		2.93	%
		2021			0.00	%		1.65	%		10.19		11.46		4,404,036		47,346,291		-1.02	%		0.53	%		2.37	%
		2020			0.10	%		1.65	%		10.45		11.43		3,976,118		42,929,962		1.44	%		3.03	%		2.78	%
		2019			0.10	%		1.65	%		10.30		11.11		3,924,042		41,481,075		3.34	%		4.95	%		3.74	%

N-126

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP American Balanced Allocation Fund - Service Class
		2023			0.00	%		1.65	%	$	9.79	$	16.48		6,439,117	$	87,669,960		11.42	%		13.27	%		2.57	%
		2022			0.00	%		1.65	%		8.79		14.59		6,508,852		80,890,933		-16.31	%		-14.92	%		1.72	%
		2021			0.00	%		1.65	%		13.51		17.20		6,021,640		90,599,465		8.44	%		10.13	%		2.29	%
		2020			0.10	%		1.65	%		12.42		15.65		4,997,719		70,890,514		14.08	%		15.86	%		1.72	%
		2019			0.10	%		1.65	%		10.86		13.54		4,691,616		58,819,179		15.30	%		17.10	%		2.32	%
LVIP American Balanced Allocation Fund - Standard Class
		2023			0.35	%		1.70	%		15.29		20.63		914,864		15,247,086		11.76	%		13.28	%		3.02	%
		2022			0.35	%		1.70	%		13.55		18.25		904,467		13,418,685		-16.07	%		-14.93	%		2.02	%
		2021			0.35	%		1.70	%		16.00		21.51		854,143		15,084,088		8.76	%		10.24	%		2.48	%
		2020			0.35	%		1.70	%		14.57		19.56		838,421		13,590,774		14.42	%		15.98	%		2.13	%
		2019			0.35	%		1.70	%		12.61		16.83		685,092		9,817,051		15.65	%		17.22	%		2.90	%
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class
		2023			0.20	%		3.50	%		9.33		19.77		26,350,887		474,191,340		5.37	%		8.91	%		1.31	%
		2022			0.20	%		3.25	%		12.09		18.23		26,937,760		451,029,374		-10.68	%		-7.91	%		1.69	%
		2021			0.20	%		3.25	%		13.48		19.88		29,764,686		548,777,462		16.93	%		20.54	%		0.94	%
		2020			0.20	%		3.25	%		13.09		16.55		32,313,869		500,987,004		1.47	%		4.61	%		0.76	%
		2019			0.20	%		3.25	%		13.03		15.89		32,030,137		480,547,031		23.34	%		27.11	%		3.15	%
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class
		2023			1.25	%		2.85	%		11.10		12.84		2,407,208		30,242,075		8.28	%		10.02	%		2.43	%
		2022			1.25	%		2.85	%		10.25		11.67		2,685,480		30,721,000		-18.19	%		-16.87	%		1.87	%
		2021			1.25	%		2.85	%		12.52		13.99		2,736,760		37,760,651		5.91	%		7.57	%		2.40	%
		2020			1.30	%		2.85	%		11.81		13.00		2,839,882		36,506,888		6.62	%		8.29	%		1.59	%
		2019			1.30	%		2.85	%		11.08		12.01		2,858,788		33,991,163		12.69	%		14.45	%		2.28	%
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class
		2023			0.65	%		0.90	%		16.30		16.79		25,877		423,583		10.80	%		11.08	%		2.87	%
		2022			0.65	%		0.90	%		14.71		15.11		26,906		397,330		-16.29	%		-16.08	%		2.19	%
		2021			0.65	%		0.90	%		17.58		18.01		27,959		493,048		8.38	%		8.65	%		2.75	%
		2020			0.65	%		0.90	%		16.22		16.58		29,267		476,018		9.11	%		9.39	%		1.94	%
		2019			0.65	%		0.90	%		14.86		15.15		30,174		449,767		15.31	%		15.60	%		2.55	%
LVIP American Global Growth Allocation Managed Risk Fund - Service Class
		2023			1.25	%		2.90	%		10.94		13.03		5,391,555		68,870,221		10.32	%		12.16	%		2.24	%
		2022			1.25	%		2.90	%		10.11		11.61		6,194,098		70,665,963		-20.75	%		-19.43	%		1.17	%
		2021			1.25	%		2.90	%		12.76		14.36		6,676,468		94,720,926		7.62	%		9.35	%		1.78	%
		2020			1.30	%		2.90	%		11.86		13.14		6,903,068		89,697,706		7.35	%		9.08	%		1.16	%
		2019			1.30	%		2.90	%		11.05		12.04		7,126,604		85,049,722		13.62	%		15.45	%		1.75	%
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class
		2023			0.65	%		0.90	%		17.01		17.52		24,637		431,478		12.95	%		13.23	%		2.74	%
		2022			0.65	%		0.90	%		15.06		15.47		24,914		385,350		-18.86	%		-18.66	%		1.56	%
		2021			0.65	%		0.90	%		18.56		19.02		25,219		479,566		10.18	%		10.45	%		2.26	%
		2020			0.65	%		0.90	%		16.85		17.22		25,788		444,004		9.91	%		10.18	%		1.47	%
		2019			0.65	%		1.70	%		14.40		15.63		28,100		436,981		15.39	%		16.61	%		2.09	%
LVIP American Global Growth Fund - Service Class II
		2023			0.20	%		3.30	%		8.37		39.42		9,630,381		319,973,427		18.19	%		21.91	%		0.52	%
		2022			0.20	%		3.30	%		11.35		32.46		10,116,319		281,445,949		-27.46	%		-25.17	%		0.54	%
		2021			0.20	%		3.30	%		15.35		43.56		11,932,321		434,860,369		12.26	%		15.79	%		0.00	%
		2020			0.20	%		3.30	%		18.40		37.77		11,274,173		369,121,650		25.77	%		29.73	%		0.00	%
		2019			0.20	%		3.30	%		14.63		29.23		11,691,185		304,248,747		30.40	%		34.51	%		1.32	%
LVIP American Global Small Capitalization Fund - Service Class II
		2023			0.20	%		3.20	%		10.63		24.20		2,804,395		56,857,895		12.07	%		15.49	%		0.00	%
		2022			0.20	%		3.15	%		10.66		21.04		3,030,353		54,945,845		-32.03	%		-29.99	%		4.27	%
		2021			0.20	%		3.15	%		18.35		30.18		3,006,936		79,440,835		3.00	%		6.08	%		0.00	%
		2020			0.20	%		3.15	%		17.82		28.56		3,188,298		81,409,181		25.22	%		28.97	%		0.00	%
		2019			0.20	%		3.20	%		14.16		22.23		3,627,189		72,776,761		26.88	%		30.63	%		1.38	%
LVIP American Growth Allocation Fund - Service Class
		2023			0.00	%		1.65	%		9.84		17.14		4,113,473		58,581,389		12.68	%		14.55	%		2.46	%
		2022			0.00	%		1.65	%		8.70		15.01		4,062,185		51,708,759		-17.33	%		-15.96	%		1.20	%
		2021			0.00	%		1.65	%		13.64		17.91		4,351,373		67,679,917		8.70	%		10.39	%		2.06	%
		2020			0.10	%		1.65	%		12.51		16.26		3,369,150		49,676,990		14.88	%		16.68	%		1.32	%
		2019			0.10	%		1.65	%		10.86		13.96		3,328,354		43,219,315		17.25	%		19.08	%		2.06	%

N-127

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP American Growth Allocation Fund - Standard Class
		2023			0.35	%		1.70	%	$	15.97	$	21.89		515,679	$	8,652,574		13.02	%		14.55	%		2.92	%
		2022			0.35	%		1.70	%		14.22		19.15		484,107		7,058,260		-17.08	%		-15.95	%		1.62	%
		2021			0.35	%		1.70	%		16.94		22.85		471,642		8,198,290		9.02	%		10.50	%		2.55	%
		2020			0.35	%		1.70	%		15.36		20.73		368,516		5,828,665		15.24	%		16.80	%		1.68	%
		2019			0.35	%		1.70	%		13.17		17.79		339,983		4,668,395		17.59	%		19.19	%		4.04	%
LVIP American Growth Fund - Service Class II
		2023			0.20	%		3.30	%		8.76		62.12		32,758,648		1,668,923,503		33.52	%		37.72	%		0.01	%
		2022			0.20	%		3.30	%		11.99		45.29		32,932,000		1,248,882,049		-32.46	%		-30.33	%		1.60	%
		2021			0.20	%		3.30	%		17.43		65.27		30,098,487		1,676,915,034		17.63	%		21.33	%		0.55	%
		2020			0.20	%		3.30	%		21.61		54.01		28,279,433		1,334,869,578		46.63	%		51.24	%		0.00	%
		2019			0.20	%		3.30	%		14.34		35.85		29,873,629		952,636,064		26.07	%		30.04	%		1.92	%
LVIP American Growth-Income Fund - Service Class II
		2023			0.20	%		3.30	%		9.77		46.83		33,167,981		1,283,393,295		21.64	%		25.47	%		1.03	%
		2022			0.20	%		3.30	%		12.32		37.47		32,772,728		1,035,694,611		-19.51	%		-16.97	%		2.39	%
		2021			0.20	%		3.30	%		15.03		45.31		32,284,511		1,260,805,738		19.67	%		23.44	%		0.78	%
		2020			0.20	%		3.30	%		15.35		36.85		31,377,936		1,009,688,274		9.47	%		12.91	%		1.45	%
		2019			0.20	%		3.30	%		13.64		32.77		28,746,622		834,035,032		21.62	%		25.45	%		2.80	%
LVIP American Income Allocation Fund - Standard Class
		2023			0.50	%		1.85	%		13.82		15.30		6,186		91,712		8.74	%		10.22	%		1.94	%
		2022			0.50	%		1.85	%		12.54		14.05		15,371		199,359		-14.98	%		-13.83	%		2.36	%
		2021			0.50	%		1.85	%		16.24		16.50		16,451		248,966		5.42	%		5.58	%		4.39	%
		2020			1.70	%		1.85	%		15.40		15.63		5,044		78,679		12.08	%		12.25	%		2.30	%
		2019			0.65	%		1.85	%		13.74		15.25		5,724		80,110		12.20	%		13.55	%		2.42	%
LVIP American International Fund - Service Class II
		2023			0.20	%		3.30	%		8.06		18.72		17,677,265		276,896,271		11.67	%		15.18	%		0.94	%
		2022			0.20	%		3.25	%		9.17		16.32		18,495,421		255,728,033		-23.60	%		-21.23	%		2.44	%
		2021			0.20	%		3.25	%		11.96		20.80		15,390,028		280,015,019		-4.98	%		-2.04	%		2.14	%
		2020			0.20	%		3.30	%		12.23		21.32		14,793,899		278,645,484		9.88	%		13.35	%		0.26	%
		2019			0.20	%		3.30	%		11.37		18.89		14,891,906		251,140,717		18.52	%		22.19	%		1.37	%
LVIP American Preservation Fund - Service Class
		2023			0.00	%		1.65	%		9.07		10.58		1,555,548		14,882,552		2.04	%		3.74	%		3.21	%
		2022			0.00	%		1.65	%		8.88		10.23		1,868,203		17,524,971		-8.49	%		-6.97	%		1.58	%
		2021			0.00	%		1.65	%		9.71		11.03		2,053,418		21,097,210		-2.49	%		-0.96	%		2.15	%
		2020			0.10	%		1.65	%		9.96		11.16		2,660,087		27,890,654		3.71	%		5.33	%		1.58	%
		2019			0.10	%		1.65	%		9.60		10.61		888,500		8,799,619		2.36	%		3.96	%		1.99	%
LVIP American Preservation Fund - Standard Class
		2023			0.40	%		1.90	%		9.17		10.83		24,211		248,620		2.14	%		3.68	%		3.50	%
		2022			0.40	%		1.90	%		8.98		10.45		24,725		245,803		-8.40	%		-7.02	%		2.13	%
		2021			0.40	%		1.90	%		9.80		11.24		25,787		272,881		-2.39	%		-0.92	%		1.94	%
		2020			0.40	%		1.90	%		10.04		11.34		58,728		652,270		3.83	%		5.40	%		2.07	%
		2019			0.40	%		1.90	%		9.67		10.76		21,681		221,984		2.45	%		3.99	%		1.79	%
LVIP Baron Growth Opportunities Fund - Service Class
		2023			0.00	%		3.45	%		8.13		45.35		9,432,403		311,099,401		13.81	%		17.81	%		0.00	%
		2022			0.00	%		3.45	%		8.15		38.72		9,293,699		271,561,655		-28.35	%		-25.83	%		0.00	%
		2021			0.00	%		3.45	%		14.57		52.62		8,843,450		360,971,921		14.69	%		18.72	%		0.00	%
		2020			0.00	%		3.45	%		18.92		45.65		8,712,878		318,627,707		29.54	%		33.95	%		0.00	%
		2019			0.10	%		3.45	%		14.19		35.07		9,348,593		262,267,497		31.76	%		36.25	%		0.00	%
LVIP Baron Growth Opportunities Fund - Standard Class
		2023			0.35	%		0.80	%		22.02		24.74		90,037		2,077,958		17.16	%		17.69	%		0.00	%
		2022			0.35	%		0.80	%		18.79		21.03		72,561		1,450,095		-26.24	%		-25.90	%		0.00	%
		2021			0.35	%		0.80	%		25.45		28.39		83,409		2,249,192		18.07	%		18.60	%		0.00	%
		2020			0.35	%		0.80	%		21.55		23.95		75,633		1,733,926		33.34	%		33.94	%		0.00	%
		2019			0.35	%		0.80	%		16.15		17.89		63,884		1,106,079		35.64	%		36.25	%		0.00	%
LVIP BlackRock Advantage Allocation Fund - Service Class
		2022			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.92	%
		2021			0.10	%		3.25	%		12.66		17.34		884,830		14,324,408		4.00	%		7.34	%		1.08	%
		2020			0.10	%		3.25	%		11.97		16.32		800,266		12,243,590		9.24	%		12.74	%		1.57	%
		2019			0.10	%		3.25	%		10.82		14.63		689,269		9,492,636		12.66	%		16.03	%		2.92	%

N-128

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP BlackRock Advantage Allocation Fund - Standard Class
		2022			0.00	%		0.00	%	$	—	$	—		—	$	—		0.00	%		0.00	%		1.03	%
		2021			0.35	%		1.85	%		14.33		16.62		37,384		537,241		5.73	%		7.33	%		1.32	%
		2020			0.35	%		1.85	%		13.92		15.72		37,651		504,228		11.05	%		12.56	%		2.60	%
		2019			0.50	%		1.85	%		12.36		14.15		1,588		20,654		14.53	%		16.08	%		2.57	%
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class
		2023			0.10	%		3.25	%		9.92		25.24		68,902,796		1,358,929,661		5.63	%		9.01	%		2.40	%
		2022			0.10	%		3.20	%		11.96		23.27		72,661,883		1,333,601,945		-5.60	%		-2.63	%		2.03	%
		2021			0.10	%		3.20	%		12.87		24.02		78,748,772		1,507,964,616		18.90	%		22.64	%		1.80	%
		2020			0.10	%		3.20	%		10.65		19.68		88,276,646		1,398,802,832		-2.31	%		0.77	%		1.91	%
		2019			0.10	%		3.20	%		10.94		19.85		84,720,363		1,349,908,838		14.57	%		18.18	%		2.24	%
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class
		2023			0.35	%		0.75	%		16.99		33.93		13,675		331,365		8.57	%		9.01	%		2.67	%
		2022			0.35	%		0.75	%		15.65		31.21		14,506		324,428		-3.01	%		-2.62	%		2.30	%
		2021			0.35	%		0.75	%		16.14		32.13		16,630		384,792		22.15	%		22.64	%		2.01	%
		2020			0.35	%		0.75	%		13.21		26.26		28,718		484,626		0.36	%		0.76	%		2.00	%
		2019			0.35	%		0.75	%		13.16		26.13		29,472		497,111		17.70	%		18.18	%		1.94	%
LVIP BlackRock Global Allocation Fund - Service Class
		2023			0.00	%		3.45	%		8.79		22.54		44,884,352		824,735,062		9.50	%		13.35	%		2.47	%
		2022	6/3/22		0.00	%		3.45	%		8.01		20.01		49,703,142		829,787,029		-6.95	%		5.70	%		0.23	%
LVIP BlackRock Global Allocation Fund - Standard Class
		2023			0.35	%		2.20	%		9.05		23.52		492,136		7,921,170		11.15	%		13.23	%		2.83	%
		2022	6/3/22		0.35	%		2.20	%		8.14		20.83		488,798		7,049,196		-6.14	%		1.67	%		0.38	%
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class
		2023			0.30	%		3.45	%		8.42		12.98		55,571,380		624,399,724		7.48	%		10.92	%		2.27	%
		2022			0.30	%		3.45	%		8.56		11.71		62,723,157		643,710,175		-20.85	%		-18.31	%		2.46	%
		2021			0.20	%		3.45	%		10.80		14.33		68,181,919		867,936,685		3.72	%		7.04	%		4.45	%
		2020			0.30	%		3.45	%		10.39		13.39		72,284,230		870,741,518		6.67	%		10.09	%		1.59	%
		2019			0.30	%		3.45	%		9.73		12.16		77,669,194		860,861,024		12.28	%		15.88	%		1.55	%
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class
		2023			0.90	%		1.70	%		11.59		12.62		5,203		61,572		9.77	%		10.65	%		2.70	%
		2022			0.90	%		1.70	%		10.56		11.41		5,352		57,603		-19.17	%		-18.52	%		2.81	%
		2021			0.90	%		1.70	%		13.06		14.00		5,596		74,358		5.92	%		6.77	%		4.81	%
		2020			0.90	%		1.70	%		12.33		13.11		5,735		71,816		8.94	%		9.82	%		0.97	%
		2019			0.60	%		1.70	%		11.32		12.18		13,047		154,629		14.67	%		15.93	%		2.28	%
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class
		2023			0.20	%		3.25	%		8.74		13.41		29,155,035		365,013,135		7.73	%		11.06	%		1.81	%
		2022			0.20	%		3.25	%		9.34		12.11		31,341,525		357,834,552		-19.48	%		-16.98	%		1.16	%
		2021			0.20	%		3.25	%		11.49		14.63		33,142,562		461,645,617		8.72	%		12.08	%		0.94	%
		2020			0.20	%		3.25	%		11.59		13.09		35,366,087		445,342,297		-1.63	%		1.42	%		1.16	%
		2019			0.20	%		3.25	%		11.79		12.96		35,100,790		441,261,497		13.88	%		17.29	%		1.87	%
LVIP BlackRock Inflation Protected Bond Fund - Service Class
		2023			0.00	%		3.50	%		7.86		12.31		70,792,420		764,938,267		1.21	%		4.81	%		2.08	%
		2022			0.00	%		3.50	%		7.74		11.82		77,529,454		811,065,295		-8.22	%		-4.95	%		8.84	%
		2021			0.00	%		3.50	%		8.42		12.51		79,801,226		889,724,191		0.82	%		4.41	%		6.66	%
		2020			0.00	%		3.50	%		8.33		12.06		67,279,290		729,291,156		1.40	%		4.91	%		0.16	%
		2019			0.10	%		3.50	%		8.19		11.56		69,889,718		732,840,789		2.25	%		5.52	%		2.00	%
LVIP BlackRock Inflation Protected Bond Fund - Standard Class
		2023			0.35	%		2.25	%		9.49		12.79		913,465		10,645,760		2.73	%		4.70	%		1.96	%
		2022			0.35	%		2.25	%		9.24		12.25		1,323,950		14,732,276		-6.82	%		-5.04	%		8.81	%
		2021			0.35	%		2.25	%		9.92		12.93		1,229,225		14,422,156		2.34	%		4.31	%		8.84	%
		2020			0.35	%		2.25	%		9.69		12.43		551,729		6,251,497		2.93	%		4.91	%		0.18	%
		2019			0.35	%		2.25	%		9.42		11.88		363,651		3,986,889		3.54	%		5.52	%		2.31	%
LVIP BlackRock Real Estate Fund - Service Class
		2023			0.00	%		3.30	%		7.60		18.02		7,197,106		72,876,161		9.13	%		12.79	%		2.66	%
		2022			0.00	%		3.20	%		7.33		16.35		7,884,637		71,681,659		-31.07	%		-28.82	%		1.34	%
		2021			0.00	%		3.20	%		10.60		23.66		7,935,706		102,574,460		23.68	%		27.57	%		6.53	%
		2020			0.10	%		3.20	%		8.54		19.08		8,816,878		90,210,140		-5.52	%		-2.54	%		5.31	%
		2019			0.10	%		3.20	%		9.01		20.15		8,939,935		95,284,039		20.68	%		24.48	%		3.24	%

N-129

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP BlackRock Real Estate Fund - Standard Class
		2023			0.35	%		0.75	%	$	11.08	$	12.95		204,438	$	2,358,390		12.22	%		12.67	%		3.21	%
		2022			0.35	%		0.75	%		9.87		11.50		212,284		2,195,824		-29.18	%		-28.89	%		1.68	%
		2021			0.35	%		0.75	%		13.94		16.18		204,814		2,977,667		27.06	%		27.57	%		7.12	%
		2020			0.35	%		0.75	%		10.97		12.69		177,657		2,033,936		-2.94	%		-2.55	%		5.91	%
		2019			0.35	%		0.75	%		11.30		13.03		131,255		1,555,290		23.98	%		24.48	%		3.90	%
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class
		2023			0.20	%		3.20	%		10.35		14.26		39,598,487		528,771,830		8.43	%		11.73	%		1.60	%
		2022			0.20	%		3.20	%		9.70		12.82		41,277,156		499,480,438		-19.43	%		-16.97	%		1.07	%
		2021			0.20	%		3.20	%		11.92		15.51		42,306,688		624,692,021		10.66	%		14.03	%		0.92	%
		2020			0.20	%		3.20	%		10.67		13.66		44,063,125		578,233,639		-0.26	%		2.78	%		1.12	%
		2019			0.20	%		3.25	%		12.17		13.35		38,877,685		502,645,730		14.74	%		18.24	%		1.66	%
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class
		2023			0.20	%		3.50	%		9.24		39.24		39,632,969		1,255,836,680		29.22	%		33.55	%		0.16	%
		2022			0.20	%		3.25	%		11.94		29.72		44,217,277		1,065,179,793		-29.26	%		-27.06	%		0.00	%
		2021			0.20	%		3.25	%		16.81		41.22		41,914,870		1,408,308,301		26.36	%		30.28	%		0.00	%
		2020			0.20	%		3.25	%		13.79		32.01		44,861,100		1,174,700,984		19.56	%		23.27	%		0.15	%
		2019			0.20	%		3.25	%		11.20		26.27		42,054,850		906,351,894		15.87	%		19.40	%		0.51	%
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class
		2023			1.30	%		3.10	%		9.33		41.73		70,223		2,081,833		30.06	%		32.42	%		0.39	%
		2022			1.30	%		3.20	%		14.95		31.52		81,637		1,867,196		-29.04	%		-27.68	%		0.00	%
		2021			1.30	%		3.20	%		21.06		43.58		74,658		2,567,107		26.74	%		29.17	%		0.00	%
		2020			1.30	%		3.20	%		16.62		33.74		84,539		2,273,789		19.92	%		22.22	%		0.35	%
		2019			1.30	%		3.20	%		13.86		27.61		100,970		2,247,802		16.16	%		18.38	%		0.68	%
LVIP Blended Mid Cap Managed Volatility Fund - Service Class
		2023			0.20	%		3.25	%		8.20		24.90		40,127,118		721,748,081		13.70	%		17.22	%		0.04	%
		2022			0.20	%		3.25	%		10.86		21.50		43,484,191		676,699,110		-26.20	%		-23.91	%		0.00	%
		2021			0.20	%		3.25	%		14.66		29.04		42,644,386		883,765,891		9.39	%		12.78	%		0.00	%
		2020			0.20	%		3.25	%		14.96		26.47		44,685,987		832,117,841		23.33	%		27.15	%		0.00	%
		2019			0.20	%		3.25	%		11.84		21.40		46,940,899		695,750,916		20.67	%		24.37	%		0.00	%
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class
		2023			0.65	%		1.10	%		33.30		35.53		3,778		129,794		16.47	%		16.99	%		0.28	%
		2022			0.65	%		1.10	%		28.59		30.37		4,008		117,879		-24.40	%		-24.06	%		0.00	%
		2021			0.65	%		1.10	%		37.83		40.00		4,204		163,159		12.05	%		12.55	%		0.00	%
		2020			0.65	%		1.10	%		34.55		35.54		4,330		149,663		26.57	%		26.88	%		0.00	%
		2019			0.65	%		0.90	%		27.30		28.01		3,972		109,064		23.80	%		24.11	%		0.00	%
LVIP Channing Small Cap Value Fund - Service Class
		2023			1.30	%		2.60	%		10.15		10.33		598,667		6,179,335		16.58	%		18.11	%		1.69	%
		2022	8/25/22		1.30	%		2.70	%		8.70		8.75		32,232		281,649		-10.37	%		-2.61	%		0.57	%
LVIP Channing Small Cap Value Fund - Standard Class
		2023			0.50	%		0.70	%		10.45		10.48		59,579		624,473		19.10	%		19.34	%		1.99	%
		2022	11/23/22		0.50	%		0.70	%		8.78		8.78		427		3,755		-6.54	%		1.93	%		0.00	%
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class
		2023			0.30	%		3.30	%		9.32		20.07		24,613,870		450,655,021		18.15	%		21.74	%		0.69	%
		2022			0.30	%		3.30	%		11.70		16.54		28,750,251		437,886,654		-20.41	%		-17.99	%		0.53	%
		2021			0.30	%		3.50	%		15.77		20.24		30,717,266		577,910,713		17.44	%		21.25	%		0.19	%
		2020			0.30	%		3.50	%		12.94		16.75		34,397,784		540,461,904		10.52	%		14.11	%		0.56	%
		2019			0.30	%		3.50	%		11.36		14.73		37,250,051		519,138,469		15.19	%		18.58	%		1.44	%
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class
		2023			0.65	%		1.70	%		18.72		20.79		3,747		75,708		20.47	%		21.74	%		1.06	%
		2022			0.65	%		1.70	%		15.54		17.08		4,145		68,892		-18.84	%		-17.98	%		0.91	%
		2021			0.65	%		1.70	%		19.14		20.82		4,148		84,214		19.99	%		21.25	%		0.54	%
		2020			0.65	%		1.70	%		15.95		17.17		4,582		76,869		12.92	%		14.12	%		0.93	%
		2019			0.65	%		1.70	%		14.13		15.05		4,813		70,920		17.36	%		18.60	%		1.48	%
LVIP ClearBridge Large Cap Managed Volatility Fund - Service Class
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.10	%

N-130

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Delaware Bond Fund - Service Class
		2023			0.00	%		3.55	%	$	8.08	$	15.40		289,699,535	$	3,791,316,692		1.88	%		5.57	%		2.88	%
		2022			0.00	%		3.45	%		7.90		14.67		285,255,687		3,599,185,751		-16.92	%		-14.00	%		2.75	%
		2021			0.00	%		3.50	%		9.49		17.16		303,331,976		4,533,268,383		-5.51	%		-2.24	%		1.73	%
		2020			0.10	%		3.50	%		10.02		17.64		274,148,339		4,248,993,240		5.77	%		9.37	%		2.08	%
		2019			0.10	%		3.45	%		9.46		16.21		266,540,205		3,830,010,243		5.14	%		8.72	%		2.81	%
LVIP Delaware Bond Fund - Standard Class
		2023			0.35	%		3.30	%		8.53		20.09		3,220,146		48,443,545		2.49	%		5.56	%		3.02	%
		2022			0.35	%		3.30	%		8.32		19.23		3,556,147		51,388,797		-16.50	%		-14.00	%		3.07	%
		2021			0.35	%		3.30	%		9.96		22.60		3,727,138		65,486,600		-4.99	%		-2.14	%		1.98	%
		2020			0.35	%		3.30	%		10.49		23.34		3,691,867		68,457,406		6.30	%		9.48	%		2.34	%
		2019			0.35	%		3.30	%		9.87		21.54		3,811,955		66,336,120		5.66	%		8.82	%		2.98	%
LVIP Delaware Diversified Floating Rate Fund - Service Class
		2023			0.00	%		3.45	%		7.88		11.33		66,707,981		652,351,799		1.74	%		5.31	%		4.84	%
		2022			0.00	%		3.30	%		7.72		10.76		71,922,112		677,188,695		-3.40	%		-0.16	%		2.05	%
		2021			0.00	%		3.30	%		7.99		10.79		77,924,053		745,053,580		-3.11	%		0.04	%		0.96	%
		2020			0.10	%		3.30	%		8.24		10.79		72,991,627		708,395,439		-2.16	%		1.02	%		1.23	%
		2019			0.10	%		3.30	%		8.41		10.72		79,904,121		778,902,189		0.95	%		4.24	%		2.43	%
LVIP Delaware Diversified Floating Rate Fund - Standard Class
		2023			0.35	%		2.20	%		9.34		11.59		451,338		5,017,699		3.27	%		5.20	%		3.86	%
		2022			0.35	%		2.15	%		9.04		11.04		725,540		7,705,319		-2.03	%		-0.25	%		2.78	%
		2021			0.35	%		2.15	%		9.23		11.10		327,251		3,432,185		-1.73	%		0.05	%		1.24	%
		2020			0.35	%		2.15	%		9.39		11.12		289,047		3,045,009		-0.79	%		1.01	%		1.58	%
		2019			0.35	%		2.15	%		9.47		11.04		280,535		2,937,942		2.38	%		4.24	%		2.74	%
LVIP Delaware Diversified Income Fund - Service Class
		2023			0.00	%		3.50	%		8.29		16.98		120,996,784		1,769,055,058		2.29	%		5.94	%		3.77	%
		2022			0.00	%		3.45	%		8.08		16.24		121,823,772		1,721,737,375		-17.04	%		-14.12	%		2.90	%
		2021			0.00	%		3.45	%		9.72		19.16		133,460,541		2,249,035,437		-4.96	%		-1.62	%		4.37	%
		2020			0.00	%		3.45	%		10.21		19.73		123,884,798		2,161,748,531		6.94	%		10.58	%		2.43	%
		2019			0.10	%		3.45	%		9.53		18.06		125,698,979		2,017,168,236		6.35	%		9.97	%		2.62	%
LVIP Delaware Diversified Income Fund - Standard Class
		2023			0.35	%		2.15	%		8.62		16.32		1,527,898		18,563,830		3.98	%		5.87	%		4.22	%
		2022			0.35	%		2.15	%		9.68		15.46		1,413,255		16,450,646		-15.69	%		-14.16	%		3.27	%
		2021			0.35	%		2.15	%		11.71		18.05		1,448,011		20,061,189		-3.40	%		-1.64	%		4.98	%
		2020			0.35	%		2.15	%		11.95		18.40		1,230,935		17,523,075		8.68	%		10.65	%		2.52	%
		2019			0.35	%		2.15	%		10.84		16.67		1,105,630		14,407,947		8.09	%		10.05	%		2.79	%
LVIP Delaware High Yield Fund - Service Class
		2023			0.00	%		3.40	%		9.30		31.24		3,713,085		77,051,779		8.58	%		12.34	%		6.47	%
		2022			0.00	%		3.05	%		8.99		28.20		3,593,992		71,675,953		-14.32	%		-11.66	%		5.56	%
		2021			0.00	%		3.15	%		12.85		32.38		3,974,239		95,615,202		1.35	%		3.91	%		9.08	%
		2020			0.65	%		3.15	%		12.68		31.39		4,185,060		100,370,821		3.58	%		6.20	%		5.82	%
		2019			0.65	%		3.15	%		12.24		29.79		4,601,707		105,163,601		12.52	%		15.37	%		6.52	%
LVIP Delaware High Yield Fund - Standard Class
		2023			0.35	%		2.35	%		10.06		32.17		132,785		2,278,412		10.05	%		12.27	%		8.12	%
		2022			0.35	%		2.35	%		9.00		29.09		86,313		1,682,366		-13.47	%		-11.72	%		5.41	%
		2021			0.35	%		2.35	%		24.65		33.45		96,666		2,184,224		2.49	%		3.46	%		9.49	%
		2020			1.40	%		2.35	%		23.82		32.47		87,116		2,115,634		4.75	%		5.75	%		6.11	%
		2019			1.40	%		2.35	%		22.52		30.85		97,844		2,248,162		13.73	%		14.81	%		6.80	%
LVIP Delaware Limited-Term Diversified Income Fund - Service Class
		2023			0.00	%		3.45	%		7.77		13.10		81,531,720		913,334,220		1.13	%		4.68	%		3.14	%
		2022			0.00	%		3.45	%		7.67		12.59		87,588,842		951,864,466		-7.65	%		-4.40	%		2.07	%
		2021			0.00	%		3.45	%		8.28		13.24		101,738,457		1,173,430,305		-4.26	%		-1.24	%		1.35	%
		2020			0.20	%		3.30	%		8.64		13.46		99,339,834		1,174,651,648		0.74	%		3.91	%		1.50	%
		2019			0.20	%		3.30	%		8.57		13.01		100,715,772		1,158,773,216		1.40	%		4.59	%		2.42	%
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class
		2023			0.35	%		2.20	%		9.25		12.64		329,688		3,535,915		2.71	%		4.63	%		3.50	%
		2022			0.35	%		2.15	%		9.00		12.11		297,296		3,123,008		-6.16	%		-4.45	%		2.36	%
		2021			0.35	%		2.15	%		9.59		12.70		422,397		4,617,031		-2.79	%		-1.17	%		2.00	%
		2020			0.50	%		2.15	%		9.87		12.87		297,266		3,341,303		2.09	%		3.79	%		1.78	%
		2019			0.50	%		2.15	%		9.67		12.41		251,130		2,740,252		2.97	%		4.68	%		2.71	%

N-131

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Delaware Mid Cap Value Fund - Service Class
		2023			0.00	%		3.25	%	$	9.51	$	33.82		6,338,136	$	146,975,174		7.31	%		10.86	%		1.33	%
		2022			0.00	%		3.25	%		9.66		31.42		6,472,097		136,887,029		-12.10	%		-9.19	%		1.22	%
		2021			0.00	%		3.25	%		16.58		35.63		5,994,420		147,022,374		27.25	%		31.20	%		1.03	%
		2020			0.20	%		3.25	%		13.01		27.92		6,414,346		122,302,684		-3.04	%		-0.14	%		2.48	%
		2019			0.30	%		3.25	%		13.40		28.71		5,839,500		113,150,904		25.81	%		29.58	%		0.93	%
LVIP Delaware Mid Cap Value Fund - Standard Class
		2023			0.35	%		0.75	%		10.68		10.80		123,818		1,333,866		10.41	%		10.85	%		1.26	%
		2022			0.35	%		0.75	%		9.68		9.74		170,603		1,660,129		-9.55	%		-9.19	%		2.26	%
		2021	7/6/21		0.35	%		0.75	%		10.70		13.52		30,895		333,317		0.22	%		10.42	%		3.57	%
LVIP Delaware SMID Cap Core Fund - Service Class
		2023			0.00	%		3.25	%		9.08		58.44		4,354,938		157,820,039		12.39	%		16.10	%		0.94	%
		2022			0.00	%		3.20	%		12.43		51.04		4,249,462		142,674,391		-16.70	%		-13.99	%		0.18	%
		2021			0.00	%		3.20	%		14.69		60.32		4,509,542		189,241,032		18.96	%		22.70	%		0.57	%
		2020			0.10	%		3.20	%		14.36		50.03		4,935,662		177,852,620		7.25	%		10.63	%		0.29	%
		2019			0.10	%		3.20	%		13.15		46.02		5,297,746		177,161,600		25.18	%		29.12	%		0.30	%
LVIP Delaware SMID Cap Core Fund - Standard Class
		2023			0.35	%		2.50	%		18.12		67.55		109,004		5,344,029		13.58	%		16.05	%		1.12	%
		2022			0.35	%		2.50	%		16.08		58.82		102,187		4,998,038		-15.86	%		-14.03	%		0.41	%
		2021			0.35	%		2.50	%		18.71		69.15		122,761		6,978,063		20.14	%		22.75	%		0.97	%
		2020			0.35	%		2.50	%		15.24		56.93		139,295		6,304,349		8.34	%		10.70	%		0.57	%
		2019			0.35	%		2.50	%		13.77		51.97		165,314		6,597,353		26.43	%		29.18	%		0.57	%
LVIP Delaware Social Awareness Fund - Service Class
		2023			0.00	%		3.25	%		9.75		56.08		1,922,676		74,477,947		25.58	%		29.72	%		0.67	%
		2022			0.00	%		3.25	%		11.54		43.82		2,022,651		63,377,951		-22.56	%		-19.99	%		0.78	%
		2021			0.00	%		3.25	%		20.17		55.51		2,093,724		85,559,839		21.96	%		25.62	%		0.50	%
		2020			0.30	%		3.25	%		16.51		44.66		2,084,501		69,846,757		15.45	%		18.91	%		0.96	%
		2019			0.30	%		3.25	%		14.28		37.95		2,268,109		65,455,651		27.31	%		31.12	%		1.74	%
LVIP Delaware Social Awareness Fund - Standard Class
		2023			0.35	%		2.80	%		9.92		60.62		167,671		7,112,017		26.58	%		29.72	%		1.01	%
		2022			0.35	%		2.70	%		17.84		47.17		161,156		5,803,809		-21.85	%		-19.99	%		1.12	%
		2021			0.35	%		2.70	%		22.39		59.54		158,015		7,742,423		23.07	%		25.99	%		0.81	%
		2020			0.35	%		2.70	%		17.84		47.97		173,676		6,891,094		16.50	%		19.27	%		1.30	%
		2019			0.35	%		2.70	%		15.02		40.83		191,945		6,480,771		28.46	%		31.52	%		1.93	%
LVIP Delaware U.S. Growth Fund - Service Class
		2023			0.00	%		3.30	%		9.92		58.95		6,645,067		311,520,063		43.11	%		47.90	%		0.00	%
		2022			0.00	%		3.30	%		10.03		40.38		7,725,415		254,306,873		-30.23	%		-27.88	%		0.00	%
		2021			0.00	%		3.30	%		22.43		56.72		7,720,120		365,135,633		13.92	%		17.63	%		0.00	%
		2020			0.10	%		3.30	%		19.69		48.81		8,848,845		361,244,123		39.03	%		43.54	%		0.00	%
		2019			0.10	%		3.30	%		14.16		34.41		10,831,828		311,253,627		22.76	%		26.75	%		0.00	%
LVIP Delaware U.S. Growth Fund - Standard Class
		2023			0.35	%		0.75	%		26.47		27.26		18,382		500,235		47.24	%		47.83	%		0.00	%
		2022			0.35	%		0.75	%		17.98		18.44		7,601		139,606		-28.20	%		-27.92	%		0.00	%
		2021			0.35	%		0.75	%		25.04		29.42		16,817		431,395		17.21	%		17.68	%		0.00	%
		2020			0.35	%		0.75	%		21.74		21.74		7,512		163,704		43.63	%		43.63	%		0.00	%
		2019			0.35	%		0.35	%		15.14		15.14		9,711		146,999		26.81	%		26.81	%		0.00	%
LVIP Delaware U.S. REIT Fund - Service Class
		2023			0.00	%		3.40	%		8.24		44.30		4,693,953		109,266,502		8.49	%		12.24	%		3.08	%
		2022			0.00	%		3.20	%		9.12		40.03		4,881,327		105,769,861		-27.88	%		-25.53	%		2.81	%
		2021			0.00	%		3.20	%		13.14		54.51		5,138,342		157,555,517		38.06	%		42.40	%		2.38	%
		2020			0.10	%		3.20	%		9.34		38.78		5,899,213		127,936,193		-13.46	%		-10.73	%		1.66	%
		2019			0.10	%		3.20	%		10.60		44.01		5,875,954		147,878,160		22.52	%		26.37	%		1.87	%
LVIP Delaware U.S. REIT Fund - Standard Class
		2023			0.35	%		2.35	%		11.45		55.12		250,223		4,259,112		9.96	%		12.18	%		3.37	%
		2022			0.35	%		2.35	%		10.24		49.65		258,169		3,969,576		-27.04	%		-25.56	%		3.14	%
		2021			0.35	%		2.35	%		13.82		67.41		258,823		6,574,384		39.75	%		42.57	%		2.92	%
		2020			0.35	%		2.35	%		9.73		47.78		208,862		3,566,752		-12.49	%		-10.72	%		1.98	%
		2019			0.35	%		2.35	%		10.94		54.08		174,141		3,831,186		23.86	%		26.37	%		2.07	%

N-132

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Delaware Value Fund - Service Class
		2023			0.00	%		3.45	%	$	9.46	$	42.10		8,802,950	$	249,472,634		-0.32	%		3.18	%		1.37	%
		2022			0.00	%		3.45	%		13.22		41.44		9,310,716		268,314,977		-6.83	%		-3.56	%		1.42	%
		2021			0.00	%		3.45	%		13.71		43.77		10,070,333		319,470,427		17.91	%		22.04	%		4.93	%
		2020			0.00	%		3.45	%		12.63		36.54		11,384,589		303,318,474		-3.26	%		0.03	%		1.85	%
		2019			0.10	%		3.45	%		12.79		37.17		12,345,942		336,344,731		15.54	%		19.48	%		1.48	%
LVIP Delaware Value Fund - Standard Class
		2023			0.35	%		3.00	%		13.36		44.33		166,077		4,520,756		0.43	%		3.13	%		1.59	%
		2022			0.35	%		3.00	%		13.30		43.64		195,570		5,356,925		-6.13	%		-3.61	%		1.70	%
		2021			0.35	%		3.00	%		14.17		45.95		239,925		6,861,613		18.80	%		21.99	%		5.48	%
		2020			0.35	%		3.00	%		11.93		38.24		332,397		7,948,921		-2.56	%		0.06	%		1.97	%
		2019			0.35	%		3.00	%		12.24		38.79		327,719		7,545,400		16.43	%		19.55	%		1.76	%
LVIP Delaware Wealth Builder Fund - Service Class
		2023			0.30	%		3.45	%		10.50		24.93		806,006		15,822,391		5.92	%		9.31	%		2.52	%
		2022			0.75	%		3.45	%		10.25		23.04		839,673		15,566,389		-14.44	%		-12.09	%		2.00	%
		2021			0.75	%		3.45	%		11.88		26.37		867,380		18,539,890		7.73	%		10.67	%		1.83	%
		2020			0.10	%		3.45	%		10.99		23.97		893,023		17,402,800		1.78	%		5.24	%		1.80	%
		2019			0.10	%		3.45	%		10.88		23.06		874,645		16,637,639		11.69	%		15.49	%		2.81	%
LVIP Delaware Wealth Builder Fund - Standard Class
		2023			0.50	%		3.20	%		9.28		26.51		108,812		2,482,056		6.45	%		9.36	%		2.72	%
		2022			1.30	%		3.20	%		11.22		24.44		119,213		2,618,985		-14.01	%		-12.36	%		2.16	%
		2021			1.30	%		3.20	%		13.05		27.89		129,351		3,295,952		8.26	%		10.34	%		1.97	%
		2020			1.30	%		3.20	%		12.05		25.27		145,041		3,366,759		2.29	%		4.25	%		1.89	%
		2019			1.30	%		3.20	%		11.78		24.24		182,307		4,097,808		12.26	%		14.41	%		2.76	%
LVIP Dimensional International Core Equity Fund - Service Class
		2023			0.00	%		3.45	%		9.15		15.36		12,652,619		158,867,687		11.80	%		15.72	%		2.79	%
		2022			0.00	%		3.45	%		9.48		13.29		13,034,738		143,656,522		-16.57	%		-13.64	%		3.64	%
		2021			0.00	%		3.45	%		11.12		15.40		10,182,059		132,000,228		9.11	%		12.94	%		2.21	%
		2020			0.00	%		3.45	%		9.98		13.65		9,118,581		105,627,085		3.15	%		6.50	%		1.63	%
		2019			0.10	%		3.30	%		9.49		12.82		8,127,286		89,714,991		16.62	%		20.41	%		2.39	%
LVIP Dimensional International Core Equity Fund - Standard Class
		2023			0.35	%		2.05	%		12.25		15.41		1,313,906		19,428,186		13.66	%		15.61	%		3.07	%
		2022			0.35	%		2.05	%		10.78		13.33		1,307,659		16,667,023		-15.18	%		-13.72	%		3.47	%
		2021			0.35	%		2.05	%		12.71		15.45		1,291,471		19,077,639		10.92	%		12.82	%		2.49	%
		2020			0.35	%		2.05	%		11.46		13.69		1,187,798		15,556,040		4.70	%		6.49	%		2.15	%
		2019			0.35	%		2.05	%		10.94		12.86		837,454		10,435,299		18.39	%		20.42	%		2.47	%
LVIP Dimensional International Equity Managed Volatility Fund - Service Class
		2023			0.10	%		3.25	%		9.31		13.98		44,277,289		511,045,511		12.68	%		16.29	%		3.21	%
		2022			0.10	%		3.25	%		8.26		12.02		48,759,923		490,719,751		-14.22	%		-11.47	%		2.86	%
		2021			0.10	%		3.25	%		9.62		13.58		52,160,401		600,368,749		11.40	%		14.96	%		2.78	%
		2020			0.10	%		3.25	%		8.63		11.86		56,012,929		568,989,777		-9.64	%		-6.75	%		1.60	%
		2019			0.10	%		3.25	%		9.44		12.82		48,751,080		538,074,901		12.85	%		16.40	%		2.56	%
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class
		2023			0.35	%		2.05	%		11.40		14.16		179,423		2,371,091		14.32	%		16.28	%		3.72	%
		2022			0.35	%		1.85	%		9.95		12.18		186,661		2,149,875		-12.78	%		-11.46	%		3.34	%
		2021			0.35	%		1.85	%		11.41		13.75		193,160		2,505,371		13.26	%		14.97	%		3.03	%
		2020			0.35	%		1.85	%		10.06		11.96		178,682		2,020,390		-8.14	%		-6.75	%		1.88	%
		2019			0.35	%		1.85	%		10.79		12.66		153,840		1,869,672		14.67	%		16.35	%		2.77	%
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class
		2023			0.00	%		3.45	%		9.70		43.27		9,231,032		269,002,589		18.21	%		22.36	%		1.07	%
		2022			0.00	%		3.45	%		12.26		35.58		8,917,116		219,391,516		-18.41	%		-15.54	%		1.05	%
		2021			0.00	%		3.45	%		14.66		42.38		8,643,998		262,507,566		22.79	%		27.10	%		0.86	%
		2020			0.00	%		3.45	%		15.05		33.55		8,232,197		206,784,765		12.07	%		15.88	%		1.23	%
		2019			0.10	%		3.45	%		13.43		29.09		7,582,625		172,010,916		25.26	%		29.53	%		1.74	%
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class
		2023			0.35	%		2.05	%		22.55		56.91		1,115,588		26,243,562		20.29	%		22.35	%		1.40	%
		2022			0.35	%		2.05	%		18.50		46.63		1,075,743		21,067,064		-16.97	%		-15.54	%		1.33	%
		2021			0.35	%		2.05	%		21.99		55.35		1,103,378		26,207,912		24.96	%		27.10	%		1.24	%
		2020			0.35	%		2.05	%		17.37		43.65		809,284		15,789,624		14.04	%		15.99	%		1.85	%
		2019			0.35	%		2.05	%		15.04		37.73		559,397		9,981,488		27.47	%		29.66	%		2.14	%

N-133

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class
		2023			0.00	%		3.45	%	$	9.82	$	22.65		9,167,529	$	179,673,779		17.24	%		21.35	%		1.04	%
		2022			0.00	%		3.45	%		12.58		18.69		8,683,374		142,584,192		-17.04	%		-14.12	%		1.09	%
		2021			0.00	%		3.45	%		14.79		21.78		7,924,604		154,664,098		23.14	%		27.46	%		0.93	%
		2020			0.00	%		3.45	%		12.64		17.11		7,470,540		116,450,873		11.37	%		14.93	%		1.19	%
		2019			0.10	%		3.25	%		11.13		14.88		6,765,207		93,278,460		24.40	%		28.38	%		1.20	%
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class
		2023			0.35	%		2.05	%		19.69		22.72		963,142		21,307,083		19.18	%		21.22	%		1.28	%
		2022			0.35	%		2.05	%		16.52		18.75		942,260		17,202,860		-15.66	%		-14.21	%		1.38	%
		2021			0.35	%		2.05	%		19.59		21.87		848,702		18,085,717		25.18	%		27.32	%		1.23	%
		2020			0.35	%		2.05	%		15.65		17.19		748,596		12,538,587		13.00	%		14.94	%		1.51	%
		2019			0.35	%		2.05	%		13.85		14.96		680,607		9,936,372		26.21	%		28.37	%		1.36	%
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class
		2023			0.00	%		3.25	%		9.76		30.16		35,243,385		873,827,170		17.76	%		21.64	%		0.93	%
		2022			0.00	%		3.25	%		12.41		25.00		38,312,106		793,073,395		-17.63	%		-14.90	%		0.79	%
		2021			0.00	%		3.25	%		15.50		29.63		40,863,811		1,010,379,079		23.31	%		27.25	%		0.76	%
		2020			0.10	%		3.25	%		12.45		23.46		46,940,074		925,557,740		11.33	%		14.89	%		0.85	%
		2019			0.10	%		3.25	%		10.88		20.57		50,885,465		884,712,324		15.46	%		19.16	%		0.99	%
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class
		2023			0.35	%		1.70	%		19.72		28.79		271,980		6,144,800		19.89	%		21.52	%		1.31	%
		2022			0.35	%		1.85	%		16.30		23.75		238,690		4,528,799		-16.25	%		-14.98	%		1.08	%
		2021			0.35	%		1.85	%		19.40		28.00		237,975		5,329,085		25.35	%		27.25	%		1.18	%
		2020			0.35	%		1.85	%		15.30		22.06		195,226		3,585,355		13.18	%		14.89	%		1.13	%
		2019			0.35	%		1.85	%		13.37		19.25		208,016		3,381,598		17.38	%		19.16	%		1.27	%
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class
		2023			0.30	%		3.50	%		9.44		22.74		22,176,082		451,285,229		20.52	%		24.44	%		0.68	%
		2022			0.30	%		3.25	%		13.15		18.33		24,822,315		411,688,169		-21.79	%		-19.44	%		0.63	%
		2021			0.30	%		3.25	%		16.02		22.82		26,324,083		549,779,014		22.50	%		26.16	%		0.97	%
		2020			0.30	%		3.25	%		13.29		18.14		29,105,093		488,283,730		16.07	%		19.49	%		0.33	%
		2019			0.30	%		3.20	%		11.12		15.23		29,299,726		416,422,262		15.85	%		19.26	%		0.91	%
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class
		2023			0.65	%		1.70	%		21.00		23.48		3,330		75,847		23.14	%		24.44	%		1.02	%
		2022			0.65	%		1.70	%		17.05		18.86		3,768		69,056		-20.29	%		-19.45	%		0.71	%
		2021			0.60	%		1.70	%		21.39		23.52		6,376		147,275		24.84	%		26.22	%		1.34	%
		2020			0.60	%		1.70	%		17.13		18.63		6,915		126,579		18.23	%		19.54	%		0.64	%
		2019			0.60	%		1.70	%		14.49		15.59		7,770		119,198		18.02	%		19.32	%		1.25	%
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class
		2023			0.30	%		3.25	%		9.51		21.68		59,143,942		818,775,419		13.21	%		16.60	%		1.33	%
		2022			0.30	%		3.25	%		9.76		18.69		66,335,779		797,205,660		-15.09	%		-12.54	%		1.27	%
		2021			0.10	%		3.25	%		11.45		21.48		71,509,880		995,119,924		13.29	%		16.68	%		0.90	%
		2020			0.30	%		3.25	%		10.07		18.50		78,711,770		950,149,287		8.79	%		12.05	%		0.82	%
		2019			0.10	%		3.25	%		9.22		16.59		83,899,555		914,361,294		8.97	%		12.39	%		1.63	%
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class
		2023	5/17/23		0.35	%		0.35	%		17.14		17.14		708		12,134		9.12	%		9.12	%		1.64	%
		2020			0.35	%		0.35	%		14.32		14.32		3,739		53,559		12.27	%		12.27	%		1.17	%
		2019			0.35	%		0.35	%		12.76		12.76		3,675		46,883		12.40	%		12.40	%		1.95	%
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Service Class
		2022			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.88	%
		2021			0.30	%		3.25	%		13.02		15.85		1,706,179		25,259,924		7.39	%		10.60	%		1.66	%
		2020			0.30	%		3.25	%		12.38		14.33		1,621,877		21,967,089		10.06	%		13.35	%		1.06	%
		2019			0.30	%		3.50	%		11.11		12.64		1,499,784		18,079,309		14.89	%		18.33	%		3.10	%
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Standard Class
		2022			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.75	%
		2021			0.35	%		0.50	%		15.87		15.97		8,075		128,371		10.70	%		10.86	%		1.53	%
		2020			0.35	%		0.50	%		14.32		14.42		13,544		194,136		13.37	%		13.54	%		1.08	%
		2019			0.35	%		0.50	%		12.66		12.70		18,215		229,916		18.38	%		18.50	%		9.40	%

N-134

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class
		2023			0.00	%		3.30	%	$	7.29	$	14.07		9,733,467	$	116,294,629		6.20	%		9.76	%		2.91	%
		2022			0.00	%		3.20	%		6.85		12.90		11,049,908		122,434,010		-14.82	%		-12.05	%		9.76	%
		2021			0.00	%		3.20	%		8.05		14.76		12,030,217		154,248,867		5.10	%		8.40	%		5.23	%
		2020			0.10	%		3.45	%		7.66		13.69		13,313,771		159,856,644		-1.07	%		2.30	%		3.34	%
		2019			0.10	%		3.45	%		7.72		13.46		13,578,067		161,919,562		3.71	%		7.24	%		3.52	%
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class
		2023			0.35	%		1.70	%		10.36		18.32		325,124		4,067,282		8.19	%		9.66	%		3.23	%
		2022			0.35	%		1.70	%		9.49		16.74		362,590		4,145,482		-13.32	%		-12.14	%		10.10	%
		2021			0.35	%		1.70	%		10.83		19.11		377,838		4,950,196		6.95	%		8.41	%		6.17	%
		2020			0.35	%		1.70	%		10.03		17.67		299,913		3,694,147		0.92	%		2.30	%		3.74	%
		2019			0.35	%		1.70	%		9.84		17.32		305,040		3,695,796		5.79	%		7.23	%		4.16	%
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class
		2023			0.00	%		3.30	%		10.14		18.94		8,607,798		116,309,335		14.77	%		18.62	%		3.89	%
		2022			0.00	%		3.20	%		9.05		16.09		10,100,187		116,796,543		-10.17	%		-7.24	%		7.43	%
		2021			0.00	%		3.20	%		10.06		17.49		10,764,109		136,170,553		9.32	%		12.76	%		4.02	%
		2020			0.10	%		3.45	%		9.20		15.63		11,866,718		134,981,414		-7.58	%		-4.43	%		2.46	%
		2019			0.10	%		3.45	%		9.92		16.47		11,717,490		141,788,782		11.23	%		15.02	%		3.88	%
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class
		2023			0.35	%		2.20	%		10.44		23.44		128,734		1,924,490		16.34	%		18.51	%		4.40	%
		2022			0.35	%		1.85	%		11.30		19.83		94,030		1,192,521		-8.72	%		-7.34	%		7.96	%
		2021			0.35	%		1.90	%		12.16		21.45		76,148		1,055,762		11.03	%		12.77	%		4.58	%
		2020			0.35	%		1.90	%		10.83		19.07		83,070		1,007,902		-5.90	%		-4.43	%		2.80	%
		2019			0.35	%		1.90	%		11.38		20.00		82,751		1,086,629		13.25	%		15.02	%		5.10	%
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class
		2023			0.00	%		3.30	%		9.96		40.75		9,706,641		298,155,270		13.29	%		17.09	%		1.32	%
		2022			0.00	%		3.30	%		10.87		35.84		10,812,475		294,869,049		-13.12	%		-10.20	%		2.52	%
		2021			0.00	%		3.30	%		17.42		41.11		11,508,208		374,015,414		27.28	%		31.41	%		1.94	%
		2020			0.10	%		3.45	%		13.77		32.18		12,829,795		326,782,046		-0.76	%		2.62	%		2.48	%
		2019			0.10	%		3.45	%		13.85		32.27		13,230,409		335,489,909		22.68	%		26.86	%		2.38	%
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class
		2023			0.35	%		2.15	%		20.05		59.52		251,303		5,891,884		14.89	%		16.98	%		1.33	%
		2022			0.35	%		2.15	%		17.20		51.01		394,504		7,845,358		-11.89	%		-10.29	%		2.91	%
		2021			0.35	%		2.15	%		19.25		57.00		415,782		9,467,670		29.07	%		31.42	%		2.64	%
		2020			0.35	%		2.15	%		14.71		43.48		329,663		5,983,837		0.79	%		2.62	%		2.91	%
		2019			0.35	%		2.15	%		14.39		42.47		291,484		5,408,616		24.59	%		26.85	%		3.36	%
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class
		2023			0.00	%		3.45	%		9.13		36.74		6,060,589		174,367,780		11.34	%		15.25	%		1.42	%
		2022			0.00	%		3.45	%		12.74		32.09		6,343,657		161,479,195		-15.63	%		-12.67	%		3.20	%
		2021			0.00	%		3.45	%		15.07		36.98		6,669,567		203,431,901		28.80	%		33.19	%		2.15	%
		2020			0.10	%		3.45	%		11.68		27.92		7,024,908		165,931,202		2.13	%		5.61	%		2.66	%
		2019			0.10	%		3.45	%		11.42		26.58		6,616,792		151,249,518		15.47	%		19.40	%		1.83	%
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class
		2023			0.35	%		2.20	%		9.42		48.10		392,759		7,911,639		13.02	%		15.13	%		1.50	%
		2022			0.35	%		2.15	%		14.79		41.88		532,763		9,107,340		-14.31	%		-12.76	%		3.79	%
		2021			0.35	%		2.15	%		17.02		48.13		541,338		10,616,621		30.82	%		33.19	%		2.70	%
		2020			0.35	%		2.15	%		12.83		36.23		455,756		7,149,118		3.73	%		5.61	%		2.98	%
		2019			0.35	%		2.15	%		12.20		34.39		352,281		5,627,931		17.28	%		19.41	%		2.25	%
LVIP Franklin Templeton Value Managed Volatility Fund - Service Class
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		2.77	%
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class
		2023			0.30	%		3.25	%		10.62		12.35		21,024,389		249,152,066		10.16	%		13.46	%		1.68	%
		2022			0.30	%		3.20	%		9.66		10.89		18,905,912		198,919,727		-22.27	%		-19.98	%		2.12	%
		2021			0.30	%		3.20	%		12.52		13.61		17,650,233		233,889,651		11.12	%		14.11	%		3.25	%
		2020			0.30	%		3.05	%		11.27		11.93		13,394,211		156,889,787		3.08	%		5.85	%		1.94	%
		2019			0.30	%		2.95	%		10.93		11.18		8,878,621		99,014,425		13.78	%		16.08	%		9.28	%

N-135

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class
		2023			0.50	%		1.85	%	$	11.56	$	12.39		207,734	$	2,557,503		12.00	%		13.52	%		1.72	%
		2022			0.50	%		1.85	%		10.32		10.91		223,417		2,428,996		-21.01	%		-19.94	%		2.08	%
		2021			0.50	%		1.85	%		13.06		13.63		266,838		3,627,644		12.63	%		14.16	%		3.24	%
		2020			0.50	%		1.85	%		11.94		11.94		233,468		2,781,525		5.91	%		5.91	%		2.15	%
		2019	1/25/19		0.50	%		0.50	%		11.27		11.27		185,589		2,091,931		13.55	%		13.55	%		4.43	%
LVIP Global Conservative Allocation Managed Risk Fund - Service Class
		2023			0.30	%		3.35	%		8.59		19.23		39,789,848		663,532,175		5.84	%		9.12	%		1.65	%
		2022			0.30	%		3.35	%		9.34		17.75		45,130,986		704,275,366		-18.40	%		-15.87	%		2.28	%
		2021			0.30	%		3.35	%		11.48		21.24		50,261,288		948,095,413		3.83	%		7.04	%		3.11	%
		2020			0.30	%		3.35	%		11.16		19.99		55,756,878		995,294,249		3.29	%		6.49	%		1.87	%
		2019			0.30	%		3.35	%		11.98		18.90		60,916,864		1,035,702,012		11.11	%		14.38	%		2.29	%
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class
		2023			0.50	%		0.70	%		12.58		20.94		170,712		2,159,259		8.95	%		9.17	%		2.16	%
		2022			0.50	%		0.70	%		11.53		19.21		153,152		1,773,647		-15.99	%		-15.82	%		3.01	%
		2021			0.50	%		0.70	%		13.69		22.85		124,469		1,724,088		6.94	%		7.10	%		4.33	%
		2020			0.50	%		0.65	%		12.78		21.37		89,861		1,165,502		6.38	%		6.54	%		3.75	%
		2019			0.50	%		0.65	%		20.08		20.08		12,476		166,261		14.27	%		14.27	%		1.75	%
LVIP Global Growth Allocation Managed Risk Fund - Service Class
		2023			0.10	%		3.25	%		8.50		18.50		326,831,036		5,286,247,466		9.43	%		12.94	%		1.59	%
		2022			0.10	%		3.25	%		9.29		16.53		368,134,006		5,346,446,421		-21.48	%		-18.96	%		2.13	%
		2021			0.10	%		3.25	%		11.81		19.74		405,547,717		7,368,400,659		8.89	%		12.38	%		2.77	%
		2020			0.10	%		3.25	%		10.83		17.77		449,718,201		7,368,117,113		2.22	%		5.49	%		1.88	%
		2019			0.10	%		3.25	%		10.58		17.04		500,840,410		7,885,214,352		11.92	%		15.45	%		2.01	%
LVIP Global Growth Allocation Managed Risk Fund - Standard Class
		2023			0.35	%		1.85	%		13.06		22.24		693,513		10,413,515		11.25	%		12.93	%		1.99	%
		2022			0.35	%		1.85	%		11.60		19.75		689,867		9,263,561		-20.17	%		-18.96	%		2.47	%
		2021			0.35	%		1.85	%		14.60		24.44		735,598		12,363,531		10.70	%		12.38	%		3.36	%
		2020			0.35	%		1.85	%		13.04		21.82		607,167		9,438,774		3.92	%		5.49	%		2.29	%
		2019			0.35	%		1.85	%		12.41		20.86		584,921		8,842,285		13.73	%		15.45	%		2.49	%
LVIP Global Moderate Allocation Managed Risk Fund - Service Class
		2023			0.20	%		3.45	%		8.53		18.15		262,742,222		4,282,683,667		7.77	%		11.33	%		1.61	%
		2022			0.20	%		3.45	%		9.06		16.47		294,280,112		4,368,513,305		-20.38	%		-17.75	%		2.29	%
		2021			0.20	%		3.45	%		11.37		20.24		323,204,150		5,918,395,241		6.80	%		10.32	%		2.73	%
		2020			0.20	%		3.45	%		10.63		18.54		353,412,605		5,944,504,814		2.25	%		5.62	%		1.79	%
		2019			0.20	%		3.45	%		10.38		17.74		385,193,206		6,217,351,488		10.84	%		14.39	%		2.08	%
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class
		2023			0.35	%		1.85	%		10.25		21.57		258,094		3,638,499		9.79	%		11.45	%		1.91	%
		2022			0.35	%		1.85	%		11.65		19.41		352,516		4,432,984		-18.89	%		-17.67	%		2.66	%
		2021			0.35	%		1.85	%		14.20		23.65		375,313		5,765,668		8.79	%		10.43	%		3.29	%
		2020			0.35	%		1.85	%		12.91		21.48		335,037		4,726,936		4.15	%		5.72	%		2.16	%
		2019			0.35	%		1.85	%		12.26		20.38		335,821		4,507,772		12.91	%		14.62	%		3.91	%
LVIP Goldman Sachs Income Builder Fund - Service Class
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		2.24	%
LVIP Goldman Sachs Income Builder Fund - Standard Class
		2019			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		2.40	%
LVIP Government Money Market Fund - Service Class
		2023			0.00	%		3.30	%		7.09		10.82		72,428,392		703,473,876		1.10	%		4.49	%		4.41	%
		2022			0.00	%		3.20	%		6.99		10.36		66,743,746		619,254,616		-2.06	%		1.13	%		1.20	%
		2021			0.00	%		3.25	%		7.13		10.26		48,616,373		447,908,169		-3.18	%		0.02	%		0.01	%
		2020			0.00	%		3.25	%		7.34		10.27		50,120,192		466,052,897		-3.00	%		0.11	%		0.15	%
		2019			0.10	%		3.45	%		7.54		10.26		31,687,818		296,945,500		-1.66	%		1.44	%		1.51	%
LVIP Government Money Market Fund - Standard Class
		2023			0.35	%		2.65	%		7.44		10.78		4,669,557		46,939,499		2.01	%		4.39	%		4.65	%
		2022			0.35	%		2.65	%		7.29		10.44		4,857,939		47,601,320		-1.35	%		0.94	%		1.35	%
		2021			0.35	%		2.65	%		7.39		10.45		3,856,470		36,980,050		-2.60	%		-0.33	%		0.01	%
		2020			0.35	%		2.65	%		7.59		10.60		4,789,395		46,766,568		-2.34	%		-0.07	%		0.22	%
		2019			0.35	%		2.70	%		7.77		10.72		3,242,772		31,553,928		-0.92	%		1.44	%		1.76	%

N-136

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class
		2023			0.20	%		3.20	%	$	9.72	$	17.87		27,505,641	$	400,834,090		8.27	%		11.57	%		1.71	%
		2022			0.30	%		3.20	%		11.35		15.92		30,444,761		403,385,310		-10.18	%		-7.54	%		1.46	%
		2021			0.30	%		3.20	%		12.63		17.22		33,203,383		481,871,173		16.40	%		19.83	%		1.05	%
		2020			0.30	%		3.20	%		10.84		14.37		37,982,405		465,847,007		3.57	%		6.62	%		1.29	%
		2019			0.30	%		3.20	%		10.57		13.48		39,928,048		465,104,275		15.51	%		18.91	%		1.91	%
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class
		2023			0.65	%		1.70	%		14.91		16.56		5,383		85,840		10.29	%		11.45	%		2.14	%
		2022			0.65	%		1.70	%		13.52		14.86		5,493		78,769		-8.50	%		-7.53	%		1.76	%
		2021			0.65	%		1.70	%		14.77		16.07		6,210		96,548		18.57	%		19.82	%		1.43	%
		2020			0.65	%		1.70	%		12.46		13.41		6,830		88,849		5.51	%		6.62	%		1.73	%
		2019			0.65	%		1.70	%		11.81		12.58		6,737		82,471		17.66	%		18.90	%		1.56	%
LVIP JPMorgan Core Bond Fund - Service Class
		2023			0.00	%		3.50	%		8.25		10.63		29,942,028		286,276,763		2.02	%		5.66	%		3.38	%
		2022			0.00	%		3.30	%		8.19		10.07		21,436,208		196,437,384		-15.57	%		-12.74	%		1.69	%
		2021			0.00	%		3.30	%		9.70		11.55		20,669,180		220,288,614		-4.86	%		-1.76	%		1.75	%
		2020			0.10	%		3.30	%		10.19		11.64		20,798,875		228,826,408		4.19	%		7.57	%		1.84	%
		2019			0.10	%		3.30	%		9.78		10.85		12,977,026		134,203,891		4.37	%		7.76	%		2.19	%
LVIP JPMorgan Core Bond Fund - Standard Class
		2023			0.35	%		2.05	%		9.31		10.52		943,338		9,845,813		3.76	%		5.54	%		3.83	%
		2022			0.35	%		2.05	%		8.98		9.96		648,535		6,413,294		-14.35	%		-12.88	%		2.00	%
		2021			0.35	%		2.05	%		10.48		11.44		691,807		7,859,354		-3.36	%		-1.70	%		1.83	%
		2020			0.35	%		2.05	%		10.84		11.64		558,724		6,468,124		5.66	%		7.47	%		1.99	%
		2019			0.35	%		2.05	%		10.71		10.83		410,701		4,426,567		7.42	%		7.80	%		2.18	%
LVIP JPMorgan High Yield Fund - Service Class
		2023			0.00	%		3.45	%		9.35		18.11		12,057,949		187,519,575		7.71	%		11.49	%		4.55	%
		2022			0.00	%		3.45	%		9.44		16.35		12,736,007		181,154,518		-13.50	%		-10.46	%		5.18	%
		2021			0.00	%		3.50	%		10.90		18.36		14,617,945		236,135,827		2.57	%		6.16	%		4.29	%
		2020			0.00	%		3.45	%		10.61		17.40		13,531,553		209,825,256		1.73	%		5.19	%		4.78	%
		2019			0.10	%		3.45	%		10.64		16.63		13,536,083		202,901,408		8.88	%		12.58	%		5.44	%
LVIP JPMorgan High Yield Fund - Standard Class
		2023			0.35	%		2.05	%		12.35		17.99		406,647		5,351,898		9.50	%		11.37	%		4.11	%
		2022			0.35	%		2.05	%		11.28		16.24		487,748		5,766,258		-12.05	%		-10.55	%		6.55	%
		2021			0.35	%		2.05	%		12.82		18.26		386,835		5,125,691		4.27	%		6.06	%		4.85	%
		2020			0.35	%		2.05	%		12.30		17.31		231,035		2,897,385		3.42	%		5.19	%		5.08	%
		2019			0.35	%		2.05	%		11.74		13.97		208,007		2,483,317		10.91	%		12.58	%		6.64	%
LVIP JPMorgan Mid Cap Value Fund - Service Class
		2023	5/26/23		0.10	%		2.80	%		11.09		11.28		379,132		4,244,704		2.74	%		13.25	%		4.36	%
LVIP JPMorgan Mid Cap Value Fund - Standard Class
		2023	11/7/23		0.35	%		0.70	%		11.26		11.28		42,049		473,875		7.97	%		12.00	%		3.06	%
LVIP JPMorgan Retirement Income Fund - Service Class
		2023			0.20	%		3.25	%		10.48		14.85		1,493,902		19,821,369		7.76	%		11.10	%		3.42	%
		2022			0.20	%		3.25	%		9.69		13.24		1,460,895		17,741,964		-16.32	%		-13.73	%		1.94	%
		2021			0.10	%		3.25	%		11.55		15.82		1,199,686		16,949,213		2.23	%		5.49	%		1.95	%
		2020			0.10	%		3.25	%		11.25		14.52		1,133,991		15,427,096		5.71	%		8.88	%		2.44	%
		2019			0.30	%		3.25	%		10.72		13.44		1,047,886		13,227,779		10.01	%		13.30	%		4.15	%
LVIP JPMorgan Retirement Income Fund - Standard Class
		2023			0.35	%		0.70	%		12.61		13.20		94,081		1,211,703		10.82	%		11.21	%		3.65	%
		2022			0.35	%		0.70	%		11.33		11.91		94,980		1,101,180		-13.93	%		-13.63	%		2.03	%
		2021			0.35	%		0.70	%		13.12		13.84		95,342		1,281,368		5.13	%		5.50	%		2.22	%
		2020			0.35	%		0.70	%		12.83		13.16		106,890		1,364,169		8.71	%		8.93	%		2.84	%
		2019			0.50	%		0.70	%		11.78		12.11		78,871		929,262		13.14	%		13.37	%		3.19	%
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class
		2023			0.10	%		3.45	%		9.42		23.88		28,658,832		496,658,132		8.01	%		11.69	%		1.27	%
		2022			0.10	%		3.25	%		11.31		22.00		31,117,429		490,003,395		-12.29	%		-9.49	%		1.09	%
		2021			0.10	%		3.25	%		12.71		25.01		34,960,763		617,172,349		24.63	%		28.62	%		0.73	%
		2020			0.10	%		3.25	%		10.06		20.00		41,740,510		581,070,036		-1.50	%		1.60	%		0.91	%
		2019			0.10	%		3.20	%		10.30		20.26		42,642,298		592,794,642		12.22	%		15.75	%		0.99	%

N-137

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class
		2023			0.35	%		1.65	%	$	16.08	$	34.88		6,561	$	163,570		10.24	%		11.68	%		1.54	%
		2022			0.35	%		1.65	%		14.40		31.31		6,843		155,623		-10.65	%		-9.48	%		1.12	%
		2021			0.35	%		1.65	%		15.91		34.67		8,929		240,967		26.96	%		28.63	%		0.89	%
		2020			0.35	%		1.70	%		12.15		27.03		13,173		252,173		0.23	%		1.59	%		0.98	%
		2019			0.35	%		1.70	%		12.01		26.67		13,646		278,411		14.21	%		15.47	%		1.24	%
LVIP JPMorgan Small Cap Core Fund - Service Class
		2023	5/24/23		0.30	%		3.20	%		11.17		11.38		632,272		7,148,385		0.07	%		20.46	%		1.81	%
LVIP JPMorgan Small Cap Core Fund - Standard Class
		2023	7/12/23		0.35	%		0.70	%		11.37		11.39		141,058		1,604,977		-1.63	%		13.64	%		3.38	%
LVIP JPMorgan U.S. Equity Fund - Service Class
		2023	5/26/23		0.30	%		3.00	%		11.43		11.63		1,745,035		20,152,949		0.69	%		13.68	%		1.40	%
LVIP JPMorgan U.S. Equity Fund - Standard Class
		2023	6/29/23		0.35	%		0.50	%		11.63		11.64		31,763		369,520		0.75	%		10.02	%		1.09	%
LVIP Loomis Sayles Global Growth Fund - Service Class
		2023			0.00	%		1.65	%		12.50		16.90		254,010		4,038,727		34.15	%		36.38	%		0.15	%
		2022			0.00	%		1.65	%		9.16		12.41		132,682		1,551,702		-27.22	%		-26.00	%		0.00	%
		2021			0.00	%		1.65	%		15.86		16.78		161,543		2,598,243		4.02	%		5.64	%		0.00	%
		2020			0.10	%		1.65	%		15.31		15.89		177,996		2,751,041		32.32	%		34.18	%		0.16	%
		2019			0.10	%		1.50	%		11.57		11.68		53,692		625,750		28.21	%		28.91	%		0.13	%
LVIP Loomis Sayles Global Growth Fund - Standard Class
		2023			0.35	%		0.75	%		16.62		17.00		24,250		404,940		35.83	%		36.37	%		0.46	%
		2022			0.35	%		0.75	%		12.23		12.46		13,707		168,660		-26.30	%		-26.00	%		0.31	%
		2021			0.35	%		0.75	%		16.84		16.84		19,646		327,734		5.75	%		5.75	%		0.00	%
		2020			0.35	%		0.40	%		15.93		15.93		6,370		101,446		34.30	%		34.30	%		0.36	%
		2019			0.35	%		0.35	%		11.86		11.86		4,104		48,669		30.15	%		30.15	%		0.15	%
LVIP MFS International Equity Managed Volatility Fund - Service Class
		2023			0.30	%		3.25	%		8.78		13.94		44,082,680		559,666,959		9.96	%		13.25	%		1.69	%
		2022			0.30	%		3.25	%		9.61		12.35		47,017,455		533,734,345		-19.14	%		-16.72	%		0.93	%
		2021			0.30	%		3.25	%		11.89		14.88		47,191,534		650,932,777		8.56	%		11.80	%		0.81	%
		2020			0.30	%		3.25	%		10.95		13.36		47,576,144		594,262,836		-1.03	%		1.94	%		1.05	%
		2019			0.30	%		3.25	%		11.10		13.15		44,423,014		550,471,700		22.09	%		25.68	%		1.55	%
LVIP MFS International Growth Fund - Service Class
		2023			0.00	%		3.45	%		8.99		25.65		17,364,820		273,881,543		10.54	%		14.42	%		1.90	%
		2022			0.00	%		3.30	%		9.21		22.55		17,759,504		248,698,039		-17.28	%		-14.50	%		0.82	%
		2021			0.00	%		3.30	%		12.58		26.53		18,164,063		302,759,096		7.37	%		10.97	%		0.47	%
		2020			0.00	%		3.30	%		12.26		24.05		17,682,464		270,033,014		10.54	%		14.13	%		0.72	%
		2019			0.10	%		3.30	%		11.04		21.18		17,624,384		239,960,020		23.12	%		27.12	%		1.36	%
LVIP MFS International Growth Fund - Standard Class
		2023			0.35	%		0.75	%		17.66		18.19		140,620		2,550,345		13.86	%		14.31	%		2.14	%
		2022			0.35	%		0.75	%		15.51		15.91		138,457		2,198,065		-14.93	%		-14.59	%		1.13	%
		2021			0.35	%		0.75	%		18.23		18.63		142,255		2,646,084		10.41	%		10.85	%		0.76	%
		2020			0.35	%		0.75	%		16.80		16.80		118,304		1,985,958		14.14	%		14.14	%		1.24	%
		2019			0.35	%		0.35	%		14.72		14.72		65,741		967,899		27.12	%		27.12	%		2.05	%
LVIP MFS Value Fund - Service Class
		2023			0.00	%		3.45	%		9.58		35.18		43,313,905		1,046,953,880		4.14	%		7.80	%		1.54	%
		2022			0.00	%		3.45	%		11.25		32.83		44,513,929		1,025,903,104		-9.49	%		-6.31	%		1.53	%
		2021			0.00	%		3.45	%		14.49		35.25		48,018,780		1,219,669,506		20.91	%		25.03	%		1.12	%
		2020			0.10	%		3.45	%		11.73		28.34		51,061,521		1,073,996,761		-0.11	%		3.30	%		1.46	%
		2019			0.10	%		3.45	%		11.54		27.57		49,893,389		1,039,310,388		25.13	%		29.39	%		1.47	%
LVIP MFS Value Fund - Standard Class
		2023			0.35	%		0.75	%		17.71		21.37		382,215		6,955,829		7.26	%		7.69	%		1.76	%
		2022			0.35	%		0.75	%		16.51		19.85		439,431		7,430,751		-6.78	%		-6.40	%		1.97	%
		2021			0.35	%		0.75	%		17.71		21.22		395,121		7,152,671		24.53	%		25.03	%		1.52	%
		2020			0.35	%		0.75	%		14.23		16.98		294,478		4,268,316		2.88	%		3.30	%		2.08	%
		2019			0.35	%		0.75	%		13.83		16.44		201,851		2,834,769		28.87	%		29.39	%		2.09	%

N-138

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Mondrian Global Income Fund - Service Class
		2023			0.00	%		3.30	%	$	6.93	$	11.27		40,854,708	$	395,154,622		0.40	%		3.76	%		0.00	%
		2022			0.00	%		3.20	%		6.90		10.94		42,731,122		405,644,196		-18.01	%		-15.34	%		0.00	%
		2021			0.00	%		3.20	%		8.41		13.00		47,302,018		540,665,083		-8.31	%		-5.43	%		2.92	%
		2020			0.10	%		3.20	%		9.18		13.82		44,809,597		549,824,547		3.17	%		6.41	%		1.40	%
		2019			0.10	%		3.20	%		8.90		13.06		48,356,004		566,003,310		3.12	%		6.36	%		2.29	%
LVIP Mondrian Global Income Fund - Standard Class
		2023			0.35	%		0.80	%		9.32		9.70		119,927		1,141,337		3.19	%		3.66	%		0.00	%
		2022			0.35	%		0.80	%		9.04		9.36		128,251		1,180,417		-15.81	%		-15.43	%		0.00	%
		2021			0.35	%		0.80	%		10.73		11.07		107,950		1,180,222		-5.84	%		-5.42	%		3.20	%
		2020			0.35	%		0.80	%		11.40		11.71		103,788		1,204,090		5.93	%		6.41	%		1.90	%
		2019			0.35	%		0.80	%		10.76		11.01		72,813		793,102		5.89	%		6.36	%		2.91	%
LVIP Mondrian International Value Fund - Service Class
		2023			0.00	%		3.45	%		9.67		26.64		14,298,381		229,317,225		15.75	%		19.81	%		2.99	%
		2022			0.00	%		3.45	%		8.34		22.54		16,010,885		219,638,395		-14.00	%		-10.98	%		2.57	%
		2021			0.00	%		3.45	%		9.69		25.66		16,498,093		260,140,895		7.23	%		10.99	%		3.11	%
		2020			0.00	%		3.45	%		9.02		23.44		18,143,286		261,332,249		-8.43	%		-5.31	%		2.22	%
		2019			0.10	%		3.45	%		9.99		25.06		17,208,394		265,297,173		13.96	%		17.84	%		3.49	%
LVIP Mondrian International Value Fund - Standard Class
		2023			0.35	%		3.00	%		9.89		28.56		336,416		7,532,718		16.56	%		19.69	%		3.24	%
		2022			0.35	%		2.70	%		10.55		24.11		356,559		7,038,487		-13.14	%		-11.07	%		2.76	%
		2021			0.35	%		2.80	%		11.87		27.40		366,621		8,473,138		8.19	%		10.87	%		3.23	%
		2020			0.35	%		2.80	%		10.71		24.97		417,944		9,037,128		-7.50	%		-5.30	%		2.42	%
		2019			0.35	%		2.70	%		11.32		26.75		398,517		9,685,168		15.10	%		17.83	%		3.64	%
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class
		2023			0.00	%		3.50	%		12.71		17.19		5,787,167		86,242,089		21.26	%		25.58	%		0.96	%
		2022			0.00	%		3.10	%		10.59		13.82		6,242,672		75,341,544		-20.72	%		-18.22	%		1.31	%
		2021			0.00	%		3.20	%		13.41		17.06		6,545,186		98,147,784		12.02	%		15.14	%		1.53	%
		2020			0.30	%		3.05	%		12.01		14.04		5,781,067		76,317,917		11.67	%		14.73	%		2.21	%
		2019			0.30	%		3.20	%		10.63		12.28		5,218,256		60,772,868		15.60	%		19.00	%		0.40	%
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class
		2023			0.35	%		0.65	%		16.89		18.50		2,132		36,525		25.20	%		25.57	%		1.11	%
		2022			0.35	%		0.65	%		13.49		14.73		3,333		45,711		-18.46	%		-18.22	%		1.71	%
		2021			0.35	%		0.65	%		16.54		18.01		3,333		55,994		15.15	%		15.49	%		1.07	%
		2020			0.35	%		0.65	%		14.37		14.61		3,333		48,569		14.72	%		15.01	%		2.47	%
		2019			0.40	%		0.65	%		12.52		12.70		3,016		37,987		18.99	%		19.29	%		0.77	%
LVIP PIMCO Low Duration Bond Fund - Service Class
		2023			0.00	%		3.45	%		8.03		10.87		77,148,807		747,302,647		1.07	%		4.61	%		3.20	%
		2022			0.00	%		3.50	%		7.94		10.42		79,134,927		742,627,118		-8.38	%		-5.12	%		1.94	%
		2021			0.00	%		3.50	%		8.66		11.02		76,046,158		762,042,646		-4.30	%		-0.89	%		1.45	%
		2020			0.00	%		3.50	%		9.05		11.15		65,153,659		667,640,520		0.26	%		3.73	%		1.60	%
		2019			0.10	%		3.50	%		9.02		10.77		52,322,641		524,421,705		-0.39	%		3.01	%		2.95	%
LVIP PIMCO Low Duration Bond Fund - Standard Class
		2023			0.35	%		2.20	%		9.41		11.03		1,175,514		12,526,400		2.59	%		4.51	%		3.40	%
		2022			0.35	%		2.05	%		9.16		10.56		1,243,981		12,694,878		-6.81	%		-5.21	%		2.23	%
		2021			0.35	%		2.05	%		9.83		11.15		1,116,211		12,043,091		-2.66	%		-0.99	%		1.77	%
		2020			0.35	%		2.05	%		10.19		11.26		997,025		10,882,596		2.12	%		3.73	%		2.10	%
		2019			0.35	%		1.90	%		9.98		10.86		606,276		6,393,755		1.42	%		3.01	%		3.18	%
LVIP SSGA Bond Index Fund - Service Class
		2023			0.00	%		3.45	%		7.89		12.81		72,501,930		779,033,159		1.47	%		5.03	%		2.53	%
		2022			0.00	%		3.45	%		7.78		12.28		73,111,437		763,196,714		-16.59	%		-13.66	%		1.85	%
		2021			0.00	%		3.45	%		9.33		14.41		78,494,051		970,156,653		-5.54	%		-2.22	%		1.67	%
		2020			0.00	%		3.45	%		9.87		14.83		75,367,503		970,687,072		3.59	%		7.12	%		1.96	%
		2019			0.10	%		3.45	%		9.51		13.91		73,531,505		897,310,633		4.31	%		7.86	%		2.45	%
LVIP SSGA Bond Index Fund - Standard Class
		2023			0.35	%		1.95	%		9.81		12.68		1,603,887		16,430,440		3.26	%		4.93	%		2.93	%
		2022			0.35	%		1.95	%		9.40		12.11		1,505,311		14,796,602		-15.12	%		-13.75	%		2.21	%
		2021			0.35	%		1.95	%		10.94		14.08		1,603,461		18,114,934		-3.87	%		-2.32	%		2.15	%
		2020			0.35	%		1.95	%		11.24		14.45		1,302,445		15,188,183		5.41	%		7.11	%		2.49	%
		2019			0.35	%		1.95	%		10.54		13.53		849,115		9,397,551		6.15	%		7.86	%		3.56	%

N-139

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP SSGA Conservative Index Allocation Fund - Service Class
		2023			0.00	%		3.10	%	$	9.65	$	16.76		5,221,668	$	74,220,954		7.08	%		10.46	%		2.15	%
		2022			0.00	%		3.10	%		9.79		15.27		5,460,963		71,784,092		-17.56	%		-14.96	%		2.37	%
		2021			0.00	%		3.10	%		11.87		18.06		5,825,381		91,830,660		2.86	%		5.89	%		1.87	%
		2020			0.20	%		3.10	%		11.54		17.04		5,825,326		88,140,708		8.50	%		11.58	%		1.91	%
		2019			0.30	%		3.10	%		10.64		15.32		5,371,748		74,344,768		11.04	%		14.20	%		2.18	%
LVIP SSGA Conservative Index Allocation Fund - Standard Class
		2023			0.35	%		0.75	%		12.29		13.11		386,205		4,779,086		9.91	%		10.35	%		2.43	%
		2022			0.35	%		0.75	%		11.18		11.90		399,285		4,496,534		-15.39	%		-15.05	%		2.73	%
		2021			0.35	%		0.75	%		13.21		14.03		389,904		5,184,848		5.58	%		6.00	%		2.67	%
		2020			0.35	%		0.75	%		13.25		13.25		245,006		3,106,294		11.63	%		11.63	%		6.72	%
		2019			0.50	%		0.50	%		11.87		11.87		7,729		91,756		14.26	%		14.26	%		2.41	%
LVIP SSGA Emerging Markets Equity Index Fund - Service Class
		2023			0.00	%		3.00	%		9.78		11.41		1,339,769		14,328,413		5.35	%		8.56	%		3.11	%
		2022			0.00	%		2.95	%		9.30		10.51		1,331,092		13,289,167		-23.68	%		-21.39	%		2.82	%
		2021			0.00	%		2.95	%		12.23		13.37		1,197,409		15,377,926		-6.25	%		-3.54	%		2.63	%
		2020			0.00	%		2.85	%		13.04		13.83		616,124		8,291,937		13.63	%		16.80	%		2.18	%
		2019			0.10	%		2.85	%		11.63		11.73		322,497		3,766,193		15.48	%		16.35	%		3.65	%
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class
		2023			0.35	%		1.90	%		10.02		11.35		253,157		2,853,444		6.79	%		8.45	%		3.60	%
		2022			0.35	%		1.90	%		9.38		10.47		189,436		1,969,858		-22.67	%		-21.46	%		3.17	%
		2021			0.35	%		1.90	%		12.13		13.33		163,366		2,166,182		-5.12	%		-3.64	%		2.94	%
		2020			0.35	%		1.90	%		13.71		13.83		76,997		1,059,447		16.33	%		16.79	%		2.12	%
		2019	2/15/19		0.35	%		0.75	%		11.79		11.84		48,289		571,391		9.23	%		17.18	%		6.00	%
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class
		2023			0.10	%		3.25	%		8.99		17.76		36,451,434		551,489,524		9.60	%		13.11	%		2.16	%
		2022			0.10	%		3.25	%		9.55		15.38		40,768,608		553,993,884		-17.28	%		-14.63	%		3.49	%
		2021			0.10	%		3.25	%		11.51		18.15		44,812,050		723,591,610		8.70	%		12.18	%		4.70	%
		2020			0.10	%		3.25	%		10.55		16.64		49,516,854		723,636,877		3.34	%		6.65	%		1.57	%
		2019			0.10	%		3.50	%		10.17		15.68		54,946,676		764,421,527		11.77	%		15.35	%		2.24	%
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class
		2023			0.35	%		1.85	%		11.35		21.80		169,846		2,451,503		11.43	%		13.11	%		2.62	%
		2022			0.35	%		1.85	%		11.73		19.33		154,198		1,982,306		-15.90	%		-14.63	%		4.05	%
		2021			0.35	%		1.85	%		14.35		22.71		183,278		2,882,834		10.51	%		12.18	%		6.64	%
		2020			0.35	%		1.85	%		12.84		20.30		66,639		1,064,218		5.06	%		6.65	%		2.42	%
		2019			0.35	%		1.85	%		12.09		19.10		40,415		681,522		13.63	%		15.35	%		2.41	%
LVIP SSGA International Index Fund - Service Class
		2023			0.00	%		3.45	%		9.24		19.73		20,578,661		255,890,279		13.30	%		17.27	%		2.90	%
		2022			0.00	%		3.45	%		8.90		16.93		22,343,640		239,051,620		-17.44	%		-14.53	%		4.09	%
		2021			0.00	%		3.45	%		10.71		19.92		23,976,158		304,115,127		7.03	%		10.78	%		2.34	%
		2020			0.00	%		3.45	%		9.95		18.09		25,149,358		291,692,201		3.94	%		7.48	%		2.24	%
		2019			0.10	%		3.45	%		9.52		16.92		26,114,737		285,999,479		17.16	%		21.16	%		2.30	%
LVIP SSGA International Index Fund - Standard Class
		2023			0.35	%		2.05	%		13.10		22.82		1,020,755		15,838,662		15.19	%		17.16	%		3.37	%
		2022			0.35	%		2.05	%		11.37		19.53		947,991		12,590,162		-16.06	%		-14.62	%		4.76	%
		2021			0.35	%		2.05	%		13.47		22.93		809,081		12,530,545		8.80	%		10.67	%		2.89	%
		2020			0.35	%		2.05	%		12.23		20.77		609,495		8,591,569		5.66	%		7.47	%		3.00	%
		2019			0.35	%		2.05	%		11.43		19.37		419,622		5,597,115		19.29	%		21.16	%		2.74	%
LVIP SSGA International Managed Volatility Fund - Service Class
		2023			0.30	%		3.20	%		8.55		13.57		26,207,918		263,513,208		13.47	%		16.80	%		2.61	%
		2022			0.30	%		3.20	%		7.53		11.62		30,902,656		269,509,411		-19.66	%		-17.29	%		3.87	%
		2021			0.30	%		3.20	%		9.38		14.04		31,785,585		339,266,732		7.01	%		10.16	%		1.97	%
		2020			0.30	%		3.20	%		8.76		12.75		34,703,945		340,513,878		-4.33	%		-1.51	%		1.70	%
		2019			0.30	%		3.20	%		9.16		12.95		34,495,436		347,884,977		14.75	%		18.13	%		2.10	%
LVIP SSGA International Managed Volatility Fund - Standard Class
		2023			0.65	%		1.90	%		9.98		11.31		4,586		49,431		15.24	%		16.68	%		2.41	%
		2022			0.65	%		1.90	%		8.66		9.69		6,844		63,650		-18.40	%		-17.37	%		3.96	%
		2021			0.65	%		1.90	%		10.61		11.73		7,308		82,961		8.68	%		10.05	%		2.34	%
		2020			0.65	%		1.90	%		9.76		10.66		7,860		81,422		-2.84	%		-1.62	%		1.29	%
		2019			0.65	%		1.90	%		10.05		10.83		14,351		148,264		16.55	%		18.02	%		2.37	%

N-140

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP SSGA Large Cap Managed Volatility Fund - Service Class
		2023			0.20	%		3.50	%	$	9.80	$	23.50		37,954,090	$	812,886,430		19.87	%		23.89	%		1.12	%
		2022			0.20	%		3.25	%		13.01		19.05		40,865,859		716,342,959		-19.65	%		-17.16	%		1.11	%
		2021			0.20	%		3.25	%		15.93		23.11		41,694,258		894,082,224		23.69	%		27.52	%		1.16	%
		2020			0.20	%		3.25	%		13.13		18.20		45,460,943		774,708,803		11.80	%		15.26	%		1.70	%
		2019			0.20	%		3.25	%		11.41		15.86		46,159,937		690,589,285		17.06	%		20.50	%		1.38	%
LVIP SSGA Mid-Cap Index Fund - Service Class
		2023			0.00	%		3.45	%		9.17		19.64		10,054,146		172,125,492		11.82	%		15.75	%		1.22	%
		2022			0.00	%		3.45	%		9.71		16.98		9,423,644		141,363,427		-16.55	%		-13.61	%		1.19	%
		2021			0.00	%		3.45	%		14.49		19.68		9,552,505		169,594,180		19.85	%		24.06	%		0.97	%
		2020			0.00	%		3.45	%		11.84		15.88		8,280,057		121,479,345		9.08	%		12.79	%		1.45	%
		2019			0.10	%		3.45	%		10.63		14.08		7,384,635		97,785,638		21.24	%		25.37	%		1.18	%
LVIP SSGA Mid-Cap Index Fund - Standard Class
		2023			0.35	%		2.25	%		17.15		19.64		837,318		16,198,867		13.47	%		15.64	%		1.51	%
		2022			0.35	%		2.25	%		15.11		16.98		762,045		12,787,269		-15.33	%		-13.70	%		1.54	%
		2021			0.35	%		2.25	%		17.85		19.68		674,232		13,137,815		21.60	%		23.93	%		1.32	%
		2020			0.35	%		2.25	%		14.68		15.88		467,456		7,354,196		10.67	%		12.79	%		1.77	%
		2019			0.35	%		2.25	%		13.26		14.08		385,213		5,379,773		23.01	%		25.37	%		1.47	%
LVIP SSGA Moderate Index Allocation Fund - Service Class
		2023			0.00	%		3.25	%		8.89		20.05		14,576,448		247,093,293		9.66	%		13.28	%		2.09	%
		2022			0.10	%		3.20	%		10.77		17.81		14,711,781		227,901,281		-18.28	%		-15.71	%		2.48	%
		2021			0.10	%		3.20	%		13.14		21.25		15,384,134		288,980,814		6.66	%		10.01	%		1.98	%
		2020			0.10	%		3.20	%		12.33		19.42		15,301,045		266,641,121		9.97	%		13.44	%		1.94	%
		2019			0.10	%		3.50	%		11.20		17.22		15,988,603		249,717,225		14.22	%		17.58	%		2.08	%
LVIP SSGA Moderate Index Allocation Fund - Standard Class
		2023			0.35	%		0.75	%		13.32		15.17		318,204		4,516,722		12.72	%		13.17	%		2.14	%
		2022			0.35	%		0.75	%		11.82		13.45		373,151		4,686,550		-16.05	%		-15.71	%		2.35	%
		2021			0.35	%		0.75	%		14.07		16.01		455,114		6,757,072		9.57	%		10.01	%		2.50	%
		2020			0.35	%		0.75	%		12.96		14.21		322,655		4,383,674		13.26	%		13.43	%		3.43	%
		2019			0.35	%		0.50	%		12.54		12.54		124,203		1,552,417		17.65	%		17.65	%		2.61	%
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class
		2023			0.00	%		3.25	%		8.92		21.22		12,556,525		223,926,246		10.88	%		14.54	%		1.97	%
		2022			0.00	%		3.25	%		11.25		18.65		12,463,323		198,626,794		-18.78	%		-16.09	%		2.30	%
		2021			0.00	%		3.25	%		13.63		22.37		12,725,423		248,635,849		7.54	%		10.98	%		1.92	%
		2020			0.10	%		3.25	%		12.74		20.27		12,635,048		227,795,061		10.35	%		13.88	%		2.17	%
		2019			0.10	%		3.50	%		11.34		17.89		13,477,189		217,105,923		15.61	%		19.31	%		1.98	%
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class
		2023			0.35	%		0.70	%		13.93		15.75		410,048		6,173,416		14.02	%		14.42	%		2.23	%
		2022			0.35	%		0.70	%		12.17		13.81		413,386		5,448,781		-16.47	%		-16.17	%		3.51	%
		2021			0.35	%		0.70	%		14.52		16.54		294,849		4,754,600		10.59	%		10.98	%		2.13	%
		2020			0.35	%		0.70	%		13.08		14.95		305,888		4,476,658		13.48	%		13.88	%		2.59	%
		2019			0.35	%		0.70	%		12.86		13.18		281,584		3,626,780		18.89	%		19.13	%		2.65	%
LVIP SSGA Nasdaq-100 Index Fund - Service Class
		2023			0.00	%		1.65	%		12.10		12.64		2,126,871		26,100,446		51.60	%		54.11	%		0.43	%
		2022			0.00	%		1.65	%		7.98		8.20		792,948		6,385,744		-33.99	%		-32.89	%		0.17	%
		2021	6/7/21		0.00	%		1.65	%		12.09		12.22		775,552		9,412,574		-1.72	%		17.44	%		0.14	%
LVIP SSGA Nasdaq-100 Index Fund - Standard Class
		2023			0.35	%		0.75	%		12.47		12.60		232,867		2,929,595		53.35	%		53.96	%		0.87	%
		2022			0.35	%		0.75	%		8.13		8.19		45,644		371,766		-33.23	%		-32.96	%		0.40	%
		2021	6/17/21		0.35	%		0.75	%		12.18		12.21		42,321		516,672		2.86	%		15.15	%		0.24	%
LVIP SSGA S&P 500 Index Fund - Service Class
		2023			0.00	%		3.50	%		9.71		45.85		58,489,033		1,806,088,970		21.38	%		25.70	%		1.26	%
		2022			0.00	%		3.45	%		9.94		36.77		57,815,593		1,472,614,254		-21.28	%		-18.51	%		1.24	%
		2021			0.00	%		3.45	%		14.39		45.48		56,655,128		1,867,313,439		23.76	%		28.10	%		1.05	%
		2020			0.00	%		3.45	%		14.19		36.56		56,438,349		1,527,934,828		13.74	%		17.62	%		1.41	%
		2019			0.10	%		3.45	%		12.21		31.24		56,011,695		1,327,146,985		26.43	%		30.74	%		1.51	%

N-141

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP SSGA S&P 500 Index Fund - Standard Class
		2023			0.35	%		3.20	%	$	9.85	$	61.65		5,019,749	$	136,706,343		22.04	%		25.57	%		1.54	%
		2022			0.35	%		3.20	%		15.89		49.22		4,788,124		106,519,679		-20.88	%		-18.59	%		1.57	%
		2021			0.35	%		3.20	%		20.08		60.61		4,307,583		121,967,033		24.38	%		27.97	%		1.38	%
		2020			0.35	%		3.20	%		16.15		47.48		3,769,835		87,912,941		14.32	%		17.62	%		1.73	%
		2019			0.35	%		3.20	%		15.35		40.47		3,268,447		69,701,663		27.58	%		30.74	%		1.77	%
LVIP SSGA Short-Term Bond Index Fund - Service Class
		2023			0.00	%		3.45	%		9.05		10.91		19,902,077		201,866,109		1.35	%		4.91	%		2.90	%
		2022			0.00	%		3.45	%		8.93		10.40		19,171,798		188,139,629		-6.96	%		-3.69	%		1.25	%
		2021			0.00	%		3.45	%		9.59		10.80		16,322,399		168,729,878		-4.13	%		-0.77	%		0.75	%
		2020			0.00	%		3.45	%		10.01		10.90		14,630,291		154,373,662		-0.11	%		3.29	%		1.74	%
		2019			0.10	%		3.45	%		10.02		10.55		9,771,857		101,119,811		0.99	%		4.22	%		3.04	%
LVIP SSGA Short-Term Bond Index Fund - Standard Class
		2023			0.35	%		1.90	%		10.02		10.89		1,055,828		11,424,021		3.19	%		4.80	%		3.32	%
		2022			0.35	%		1.90	%		9.71		10.40		766,009		7,917,224		-5.27	%		-3.79	%		1.54	%
		2021			0.35	%		1.90	%		10.25		10.81		581,124		6,246,840		-2.39	%		-0.87	%		0.98	%
		2020			0.35	%		1.90	%		10.50		10.91		545,833		5,930,586		1.69	%		3.28	%		2.45	%
		2019			0.35	%		1.90	%		10.51		10.56		256,543		2,702,294		4.06	%		4.43	%		3.64	%
LVIP SSGA Small-Cap Index Fund - Service Class
		2023			0.00	%		3.45	%		8.01		29.49		22,115,976		438,860,983		12.27	%		16.21	%		1.08	%
		2022			0.00	%		3.45	%		7.83		26.08		21,358,602		372,961,199		-23.67	%		-20.98	%		0.91	%
		2021			0.00	%		3.45	%		14.20		33.99		21,674,967		493,880,458		10.39	%		14.27	%		0.59	%
		2020			0.00	%		3.45	%		13.00		30.64		22,387,107		458,339,604		14.87	%		18.78	%		0.84	%
		2019			0.10	%		3.45	%		11.08		26.54		22,651,805		397,700,809		20.49	%		24.60	%		0.76	%
LVIP SSGA Small-Cap Index Fund - Standard Class
		2023			0.35	%		2.20	%		8.25		42.98		986,980		18,106,890		13.97	%		16.09	%		1.30	%
		2022			0.35	%		2.05	%		14.46		37.12		982,185		15,790,701		-22.39	%		-21.06	%		1.26	%
		2021			0.35	%		2.05	%		18.38		47.14		838,904		17,434,045		12.23	%		14.16	%		0.95	%
		2020			0.35	%		2.05	%		16.17		41.40		701,784		13,407,917		16.78	%		18.78	%		1.19	%
		2019			0.35	%		2.05	%		13.67		34.94		595,185		10,786,861		22.68	%		24.60	%		1.04	%
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class
		2023			0.20	%		3.25	%		10.71		15.57		42,614,913		600,089,817		9.78	%		13.18	%		0.96	%
		2022			0.20	%		3.25	%		9.66		13.81		42,531,521		536,214,936		-21.18	%		-18.73	%		0.77	%
		2021			0.20	%		3.25	%		12.93		17.06		42,507,737		667,995,657		12.25	%		15.72	%		2.38	%
		2020			0.20	%		3.25	%		11.21		14.80		45,116,933		621,268,121		9.47	%		12.86	%		1.87	%
		2019			0.20	%		3.25	%		9.96		13.17		44,924,394		555,084,930		10.68	%		14.06	%		0.63	%
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class
		2023			0.60	%		1.90	%		13.92		15.99		3,766		58,179		11.55	%		13.01	%		1.30	%
		2022			0.65	%		1.90	%		12.48		14.08		3,160		43,085		-19.90	%		-18.89	%		0.99	%
		2021			0.65	%		1.90	%		15.58		17.36		3,581		60,480		14.05	%		15.49	%		2.55	%
		2020			0.65	%		1.90	%		13.66		15.03		4,049		59,258		11.24	%		12.63	%		2.06	%
		2019			0.65	%		1.90	%		12.45		13.34		4,717		61,647		12.63	%		13.82	%		0.79	%
LVIP Structured Conservative Allocation Fund - Service Class
		2023			0.00	%		3.20	%		10.19		16.34		7,759,027		111,245,707		6.53	%		9.99	%		2.25	%
		2022			0.00	%		3.00	%		9.89		14.95		8,881,299		118,021,389		-16.08	%		-13.52	%		3.43	%
		2021			0.00	%		3.00	%		12.84		17.40		9,797,011		152,969,580		4.00	%		7.06	%		3.46	%
		2020			0.10	%		3.15	%		12.14		16.35		10,324,762		152,778,106		6.17	%		9.29	%		1.85	%
		2019			0.10	%		3.00	%		11.25		15.04		11,255,112		154,489,748		10.01	%		13.25	%		2.37	%
LVIP Structured Conservative Allocation Fund - Standard Class
		2023			0.35	%		0.90	%		12.93		16.34		74,223		1,076,559		9.28	%		9.88	%		2.36	%
		2022			0.35	%		0.90	%		11.78		14.95		94,159		1,223,650		-14.07	%		-13.60	%		3.95	%
		2021			0.35	%		0.90	%		13.66		14.52		92,945		1,409,656		6.89	%		7.05	%		4.99	%
		2020			0.35	%		0.50	%		13.57		13.57		66,752		888,686		9.24	%		9.24	%		2.17	%
		2019			0.40	%		0.75	%		11.61		12.43		56,234		689,119		12.79	%		13.19	%		2.07	%
LVIP Structured Moderate Allocation Fund - Service Class
		2023			0.00	%		3.30	%		9.10		19.75		30,010,350		507,683,994		9.15	%		12.81	%		2.25	%
		2022			0.00	%		3.30	%		10.41		17.61		33,996,840		521,886,022		-16.19	%		-13.38	%		4.10	%
		2021			0.00	%		3.30	%		12.28		20.45		37,555,749		680,018,510		8.24	%		11.76	%		4.28	%
		2020			0.10	%		3.30	%		11.48		18.30		41,297,854		678,863,049		6.03	%		9.48	%		2.19	%
		2019			0.10	%		3.30	%		10.82		16.80		45,057,307		687,544,662		12.50	%		16.17	%		2.47	%

N-142

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Structured Moderate Allocation Fund - Standard Class
		2023			0.35	%		0.70	%	$	14.62	$	15.52		97,110	$	1,444,711		12.30	%		12.69	%		2.66	%
		2022			0.35	%		0.70	%		12.99		13.78		97,936		1,293,276		-13.76	%		-13.45	%		4.10	%
		2021			0.35	%		0.70	%		15.03		15.93		115,842		1,764,213		11.59	%		11.76	%		5.90	%
		2020			0.35	%		0.50	%		13.56		14.26		99,081		1,351,763		9.42	%		9.47	%		3.03	%
		2019			0.35	%		0.40	%		12.39		13.04		74,748		934,239		16.11	%		16.16	%		2.63	%
LVIP Structured Moderately Aggressive Allocation Fund - Service Class
		2023			0.00	%		3.25	%		9.19		20.94		16,540,908		298,272,339		10.34	%		13.98	%		2.22	%
		2022			0.00	%		3.15	%		11.02		18.49		18,305,093		297,011,477		-16.04	%		-13.35	%		4.39	%
		2021			0.00	%		3.15	%		14.51		21.48		20,167,629		384,870,969		9.87	%		13.28	%		4.69	%
		2020			0.10	%		3.15	%		12.97		19.07		22,118,933		378,544,559		5.63	%		8.90	%		2.26	%
		2019			0.10	%		3.50	%		12.06		17.61		25,063,322		400,521,801		13.51	%		17.02	%		2.52	%
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class
		2023			0.35	%		0.75	%		14.89		16.03		179,920		2,761,291		13.42	%		13.88	%		2.96	%
		2022			0.35	%		0.75	%		13.13		14.09		156,051		2,108,521		-13.78	%		-13.44	%		4.70	%
		2021			0.35	%		0.75	%		15.23		16.28		178,662		2,789,953		12.83	%		13.28	%		5.29	%
		2020			0.35	%		0.75	%		13.49		14.38		179,244		2,475,931		8.46	%		8.90	%		2.64	%
		2019			0.35	%		0.75	%		12.44		13.21		181,196		2,301,852		16.55	%		17.02	%		2.87	%
LVIP T. Rowe Price 2010 Fund - Service Class
		2022			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.07	%
		2021			0.75	%		2.80	%		13.62		18.38		295,210		4,803,174		5.34	%		7.52	%		2.40	%
		2020			0.75	%		2.80	%		12.93		17.10		333,829		5,066,575		8.92	%		11.18	%		1.86	%
		2019			0.75	%		2.80	%		11.87		15.38		391,065		5,391,098		12.25	%		14.57	%		2.55	%
LVIP T. Rowe Price 2020 Fund - Service Class
		2023			0.60	%		2.85	%		10.47		18.09		476,141		7,236,986		10.09	%		12.59	%		2.25	%
		2022			0.60	%		2.80	%		11.40		16.07		492,128		6,711,010		-17.73	%		-15.90	%		2.60	%
		2021			0.60	%		2.80	%		13.86		19.11		543,426		8,904,846		6.92	%		9.29	%		2.73	%
		2020			0.60	%		2.80	%		12.96		17.13		579,091		8,738,482		9.87	%		12.14	%		2.19	%
		2019			0.75	%		2.80	%		11.80		15.28		618,831		8,395,444		15.36	%		17.75	%		2.49	%
LVIP T. Rowe Price 2030 Fund - Service Class
		2023			0.60	%		2.95	%		11.92		18.90		288,652		4,567,229		12.48	%		15.15	%		1.99	%
		2022			0.60	%		2.80	%		11.64		16.41		264,671		3,638,973		-19.36	%		-17.57	%		1.94	%
		2021			0.60	%		2.80	%		14.44		19.91		271,974		4,578,916		10.18	%		12.63	%		2.03	%
		2020			0.60	%		2.85	%		13.01		17.32		280,225		4,233,552		11.74	%		14.11	%		1.85	%
		2019			0.75	%		2.85	%		11.65		15.18		323,415		4,320,349		18.42	%		20.93	%		2.22	%
LVIP T. Rowe Price 2040 Fund - Service Class
		2023			0.90	%		2.95	%		12.77		18.23		301,933		4,766,365		15.43	%		17.82	%		1.45	%
		2022			0.90	%		2.55	%		11.96		15.47		317,093		4,278,879		-20.01	%		-18.68	%		1.52	%
		2021			0.90	%		2.60	%		14.84		19.03		326,689		5,572,231		13.65	%		15.59	%		2.35	%
		2020			0.90	%		2.85	%		12.62		16.46		342,267		5,085,929		13.07	%		15.29	%		1.71	%
		2019			0.90	%		2.85	%		11.16		14.28		367,238		4,749,561		20.64	%		23.02	%		2.02	%
LVIP T. Rowe Price Growth Stock Fund - Service Class
		2023			0.00	%		3.40	%		7.46		50.35		10,800,160		347,005,753		41.08	%		45.95	%		0.00	%
		2022			0.00	%		3.20	%		6.61		34.70		11,805,693		271,450,049		-42.73	%		-40.87	%		0.00	%
		2021			0.00	%		3.20	%		13.88		59.04		11,542,092		465,035,203		16.39	%		20.18	%		0.00	%
		2020			0.00	%		3.20	%		19.51		49.42		12,106,242		421,366,135		31.84	%		35.99	%		0.00	%
		2019			0.10	%		3.20	%		16.57		36.52		13,823,585		361,991,166		26.62	%		30.60	%		0.00	%
LVIP T. Rowe Price Growth Stock Fund - Standard Class
		2023			0.35	%		0.80	%		23.66		29.70		283,287		7,056,701		45.15	%		45.81	%		0.00	%
		2022			0.35	%		0.80	%		16.29		20.38		252,879		4,340,746		-41.19	%		-40.93	%		0.00	%
		2021			0.35	%		0.80	%		27.69		34.52		249,585		7,273,797		19.51	%		20.05	%		0.00	%
		2020			0.35	%		0.80	%		23.15		28.77		211,891		5,179,266		35.38	%		35.99	%		0.00	%
		2019			0.35	%		0.80	%		17.09		21.16		195,415		3,529,872		30.02	%		30.60	%		0.08	%
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class
		2023			0.00	%		3.45	%		8.11		62.80		8,066,216		333,118,286		16.77	%		20.87	%		0.00	%
		2022			0.00	%		3.45	%		7.68		52.66		7,965,707		285,169,419		-27.27	%		-24.71	%		0.00	%
		2021			0.00	%		3.50	%		13.81		70.90		7,775,951		390,215,525		9.65	%		13.56	%		0.01	%
		2020			0.00	%		3.50	%		18.67		63.28		7,668,665		352,552,658		26.85	%		31.23	%		0.00	%
		2019			0.10	%		3.50	%		14.62		48.83		7,692,717		278,210,550		32.41	%		36.92	%		0.00	%

N-143

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class
		2023			0.35	%		3.10	%	$	8.22	$	66.79		123,042	$	3,663,540		17.47	%		20.75	%		0.03	%
		2022			0.35	%		3.10	%		18.03		55.84		131,391		3,410,846		-26.83	%		-24.79	%		0.02	%
		2021			0.35	%		3.10	%		24.07		74.95		117,791		4,602,933		10.37	%		13.45	%		0.01	%
		2020			0.35	%		3.10	%		21.30		66.70		156,621		5,084,044		27.67	%		31.23	%		0.00	%
		2019			0.35	%		3.10	%		16.29		51.31		108,941		3,369,519		33.20	%		36.92	%		0.17	%
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class
		2023			0.30	%		3.25	%		11.03		12.83		14,759,447		177,976,964		11.83	%		15.17	%		1.21	%
		2022			0.30	%		3.20	%		9.88		11.14		14,540,281		154,235,401		-24.23	%		-21.99	%		1.22	%
		2021			0.30	%		3.20	%		13.09		14.29		13,400,286		184,408,512		14.28	%		17.53	%		2.54	%
		2020			0.30	%		3.15	%		11.45		12.15		10,939,691		129,743,309		4.96	%		7.94	%		1.68	%
		2019			0.30	%		3.50	%		10.95		11.13		7,009,127		77,894,950		14.87	%		16.55	%		8.62	%
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class
		2023			0.50	%		0.50	%		12.86		12.86		92,760		1,189,255		15.23	%		15.23	%		1.46	%
		2022			0.50	%		0.50	%		11.16		11.16		90,451		1,009,832		-21.96	%		-21.96	%		1.40	%
		2021			0.50	%		0.50	%		14.31		14.31		89,087		1,274,421		17.59	%		17.59	%		2.85	%
		2020			0.50	%		0.50	%		12.16		12.16		71,114		865,106		7.99	%		7.99	%		2.06	%
		2019	3/11/19		0.50	%		0.50	%		11.27		11.27		12,396		139,647		11.47	%		11.47	%		4.57	%
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class
		2023			0.30	%		3.45	%		8.49		14.42		130,070,571		1,711,071,418		10.84	%		14.38	%		1.38	%
		2022			0.30	%		3.45	%		9.72		12.60		133,131,661		1,541,796,315		-23.04	%		-20.57	%		1.32	%
		2021			0.30	%		3.45	%		12.63		15.87		131,802,458		1,935,606,062		11.18	%		14.74	%		2.52	%
		2020			0.30	%		3.45	%		11.49		13.83		130,329,819		1,680,865,371		4.78	%		7.91	%		1.59	%
		2019			0.30	%		3.50	%		10.99		12.82		119,595,663		1,440,535,272		13.20	%		16.53	%		1.55	%
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class
		2023			0.50	%		1.85	%		12.65		14.47		184,605		2,668,611		12.92	%		14.45	%		1.50	%
		2022			0.50	%		1.85	%		11.20		12.64		214,528		2,710,228		-21.60	%		-20.53	%		1.54	%
		2021			0.50	%		1.85	%		15.48		15.91		213,759		3,397,774		14.62	%		14.79	%		3.13	%
		2020			0.50	%		0.65	%		13.51		13.86		158,680		2,198,397		7.80	%		7.96	%		2.10	%
		2019			0.50	%		0.65	%		12.53		12.53		119,887		1,538,311		16.42	%		16.42	%		4.53	%
LVIP Vanguard Bond Allocation Fund - Service Class
		2023			0.00	%		3.45	%		7.58		10.76		92,759,226		883,207,114		2.15	%		5.73	%		3.14	%
		2022			0.00	%		3.45	%		7.41		10.23		85,817,657		783,495,027		-16.52	%		-13.58	%		1.73	%
		2021			0.00	%		3.45	%		8.86		11.91		88,579,381		948,844,590		-4.88	%		-1.54	%		1.24	%
		2020			0.00	%		3.45	%		9.29		12.17		77,054,911		851,083,977		1.84	%		5.31	%		1.30	%
		2019			0.10	%		3.45	%		9.11		11.62		71,285,726		758,441,830		3.57	%		7.10	%		2.42	%
LVIP Vanguard Bond Allocation Fund - Standard Class
		2023			0.35	%		2.05	%		9.15		11.10		4,403,934		44,393,752		3.85	%		5.63	%		3.43	%
		2022			0.35	%		2.05	%		8.81		10.54		3,891,265		37,224,697		-15.13	%		-13.67	%		1.98	%
		2021			0.35	%		2.05	%		10.38		12.23		3,953,945		43,910,638		-3.29	%		-1.63	%		1.60	%
		2020			0.35	%		2.05	%		10.74		12.47		2,571,417		29,318,795		3.54	%		5.31	%		1.68	%
		2019			0.35	%		2.05	%		10.37		11.87		1,781,221		19,494,744		5.30	%		7.10	%		2.76	%
LVIP Vanguard Domestic Equity ETF Fund - Service Class
		2023			0.00	%		3.30	%		9.51		39.38		14,844,440		432,586,680		20.86	%		24.91	%		1.13	%
		2022			0.00	%		3.30	%		11.51		31.79		14,882,607		356,703,140		-21.58	%		-18.95	%		1.02	%
		2021			0.00	%		3.30	%		14.34		39.56		14,475,983		443,944,289		21.35	%		25.42	%		1.02	%
		2020			0.00	%		3.30	%		16.15		31.81		14,022,412		356,405,000		15.65	%		19.41	%		1.19	%
		2019			0.10	%		3.30	%		13.59		26.84		14,024,885		304,757,104		25.87	%		29.84	%		1.42	%
LVIP Vanguard Domestic Equity ETF Fund - Standard Class
		2023			0.35	%		2.05	%		22.34		37.73		903,989		22,651,667		22.68	%		24.78	%		1.40	%
		2022			0.35	%		2.05	%		17.98		30.31		893,587		18,335,143		-20.39	%		-19.03	%		1.22	%
		2021			0.35	%		2.05	%		22.29		37.53		901,614		23,026,286		23.19	%		25.30	%		1.29	%
		2020			0.35	%		2.05	%		17.86		30.02		561,413		12,620,831		17.51	%		19.41	%		1.75	%
		2019			0.35	%		1.95	%		15.02		25.21		341,821		5,633,407		27.77	%		29.83	%		2.25	%
LVIP Vanguard International Equity ETF Fund - Service Class
		2023			0.00	%		3.30	%		8.78		16.16		20,570,786		278,255,126		11.34	%		15.07	%		2.90	%
		2022			0.00	%		3.30	%		8.19		14.17		20,499,157		244,758,115		-19.54	%		-16.83	%		2.34	%
		2021			0.00	%		3.30	%		11.56		17.18		19,569,299		285,388,076		4.39	%		7.89	%		2.71	%
		2020			0.00	%		3.30	%		11.08		16.06		17,488,930		240,447,642		7.02	%		10.50	%		2.01	%
		2019			0.10	%		3.30	%		10.35		14.64		16,990,592		214,600,065		17.94	%		21.78	%		3.00	%

N-144

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
LVIP Vanguard International Equity ETF Fund - Standard Class
		2023			0.35	%		2.05	%	$	12.95	$	15.87		1,647,193	$	24,331,463		13.03	%		14.96	%		3.17	%
		2022			0.35	%		2.05	%		11.46		13.84		1,670,397		21,510,342		-18.32	%		-16.92	%		2.59	%
		2021			0.35	%		2.05	%		14.03		16.70		1,568,440		24,400,403		5.97	%		7.78	%		3.11	%
		2020			0.35	%		2.05	%		13.29		15.53		1,037,297		15,093,131		8.75	%		10.51	%		2.39	%
		2019			0.35	%		1.95	%		12.07		14.09		822,879		10,896,006		19.84	%		21.77	%		3.53	%
LVIP Wellington Capital Growth Fund - Service Class
		2023			0.00	%		3.25	%		8.26		55.17		9,678,836		394,002,013		33.93	%		38.35	%		0.00	%
		2022			0.00	%		3.15	%		7.14		40.19		11,057,868		338,112,468		-35.56	%		-33.49	%		0.00	%
		2021			0.00	%		3.20	%		13.26		60.92		10,971,448		518,385,899		13.08	%		16.83	%		0.00	%
		2020			0.00	%		3.20	%		24.81		52.57		12,327,705		512,853,327		38.25	%		42.53	%		0.00	%
		2019			0.10	%		3.15	%		17.63		37.14		13,601,554		409,005,671		36.66	%		40.89	%		0.00	%
LVIP Wellington Capital Growth Fund - Standard Class
		2023			0.35	%		0.75	%		27.35		28.17		173,954		4,895,173		37.66	%		38.22	%		0.00	%
		2022			0.35	%		0.75	%		19.87		25.41		181,736		3,703,955		-33.83	%		-33.56	%		0.00	%
		2021			0.35	%		0.75	%		30.02		38.26		239,895		7,357,807		16.24	%		16.71	%		0.00	%
		2020			0.35	%		0.75	%		25.83		32.80		208,634		5,489,830		41.96	%		42.53	%		0.00	%
		2019			0.35	%		0.75	%		18.19		23.02		79,528		1,472,386		40.35	%		40.89	%		0.00	%
LVIP Wellington SMID Cap Value Fund - Service Class
		2023			0.00	%		3.30	%		9.81		32.51		6,556,261		139,644,867		13.15	%		16.95	%		0.73	%
		2022			0.00	%		3.30	%		10.52		28.64		6,703,813		124,501,880		-13.15	%		-10.23	%		0.51	%
		2021			0.00	%		3.30	%		14.69		32.85		7,097,240		150,529,032		23.75	%		27.75	%		0.25	%
		2020			0.10	%		3.30	%		11.87		26.46		7,483,757		126,307,186		-1.78	%		1.42	%		0.70	%
		2019			0.10	%		3.30	%		12.08		26.84		6,971,069		118,157,095		26.08	%		30.14	%		0.80	%
LVIP Wellington SMID Cap Value Fund - Standard Class
		2023			0.35	%		0.75	%		17.60		19.26		79,236		1,457,962		16.36	%		16.83	%		0.82	%
		2022			0.35	%		0.75	%		15.12		16.50		97,734		1,535,261		-10.67	%		-10.31	%		0.77	%
		2021			0.35	%		0.75	%		16.93		18.40		105,682		1,851,301		27.24	%		27.75	%		0.53	%
		2020			0.35	%		0.75	%		13.30		14.41		79,861		1,094,602		1.01	%		1.42	%		1.27	%
		2019			0.35	%		0.75	%		13.17		14.22		47,527		648,005		29.62	%		30.14	%		0.95	%
LVIP Western Asset Core Bond Fund - Service Class
		2023			0.00	%		3.45	%		8.05		10.44		45,204,144		429,877,704		2.59	%		6.19	%		11.02	%
		2022			0.00	%		3.45	%		8.15		9.84		40,328,940		366,845,336		-19.45	%		-16.62	%		2.68	%
		2021			0.00	%		3.50	%		9.86		11.81		41,923,985		464,021,963		-5.34	%		-1.97	%		2.24	%
		2020			0.00	%		3.50	%		10.66		12.06		32,920,950		377,085,529		4.99	%		8.62	%		2.37	%
		2019			0.10	%		3.50	%		10.17		11.10		23,700,956		253,487,365		6.47	%		10.10	%		3.54	%
LVIP Western Asset Core Bond Fund - Standard Class
		2023			0.35	%		2.05	%		9.28		10.38		1,536,816		15,798,526		3.78	%		5.56	%		10.66	%
		2022			0.35	%		2.05	%		8.94		9.84		1,535,528		14,982,326		-18.11	%		-16.71	%		3.11	%
		2021			0.35	%		2.05	%		10.92		11.81		1,384,325		16,261,219		-3.71	%		-2.06	%		2.76	%
		2020			0.35	%		2.05	%		11.34		12.06		869,160		10,437,613		6.79	%		8.62	%		2.60	%
		2019			0.35	%		2.05	%		10.67		11.10		659,514		7,297,019		8.46	%		10.09	%		3.61	%
MFS®​ VIT Growth Series - Initial Class
		2023			0.35	%		2.35	%		25.99		73.53		109,081		4,886,672		32.71	%		35.39	%		0.00	%
		2022			0.35	%		2.35	%		19.27		55.30		144,175		4,511,849		-33.23	%		-31.87	%		0.00	%
		2021			0.35	%		2.35	%		28.40		82.65		155,606		7,451,183		20.66	%		23.10	%		0.00	%
		2020			0.35	%		2.35	%		23.57		68.35		163,417		6,464,207		28.80	%		31.40	%		0.00	%
		2019			0.35	%		2.35	%		17.94		52.94		174,517		5,298,058		34.94	%		37.67	%		0.00	%
MFS®​ VIT Growth Series - Service Class
		2023			0.00	%		3.45	%		8.53		75.70		5,579,059		233,062,846		30.92	%		35.51	%		0.00	%
		2022			0.00	%		3.45	%		7.92		56.60		6,093,976		195,024,845		-34.12	%		-31.80	%		0.00	%
		2021			0.00	%		3.50	%		15.48		84.08		5,806,384		288,785,022		19.00	%		23.11	%		0.00	%
		2020			0.10	%		3.50	%		20.31		69.12		6,219,425		260,005,428		27.01	%		31.40	%		0.00	%
		2019			0.10	%		3.50	%		17.15		53.36		6,052,691		197,377,758		33.11	%		37.64	%		0.00	%
MFS®​ VIT Total Return Series - Initial Class
		2023			0.35	%		2.35	%		15.52		32.33		207,526		5,443,560		7.88	%		10.06	%		2.02	%
		2022			0.35	%		2.35	%		13.93		29.69		215,189		5,226,093		-11.68	%		-9.90	%		1.69	%
		2021			0.35	%		2.35	%		15.52		33.30		236,435		6,507,398		11.47	%		13.72	%		1.74	%
		2020			0.35	%		2.35	%		13.86		29.59		228,799		5,934,363		7.26	%		9.43	%		2.25	%
		2019			0.35	%		2.35	%		12.68		27.33		252,142		6,204,503		17.59	%		19.96	%		2.42	%

N-145

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
MFS®​ VIT Total Return Series - Service Class
		2023			0.00	%		3.30	%	$	9.32	$	27.98		6,280,944	$	130,660,092		6.64	%		10.22	%		1.85	%
		2022			0.00	%		3.30	%		11.06		25.74		6,346,168		121,727,885		-12.77	%		-9.84	%		1.47	%
		2021			0.00	%		3.30	%		12.32		28.96		6,314,264		138,397,311		10.14	%		13.72	%		1.63	%
		2020			0.10	%		3.30	%		12.33		25.79		5,967,271		117,534,549		5.96	%		9.41	%		2.11	%
		2019			0.10	%		3.30	%		11.59		23.89		5,710,379		105,278,923		16.22	%		20.00	%		2.22	%
MFS®​ VIT Utilities Series - Initial Class
		2023			0.35	%		2.35	%		15.86		64.44		144,969		4,880,101		-4.38	%		-2.45	%		3.51	%
		2022			0.35	%		2.35	%		16.32		67.26		132,933		5,332,263		-1.59	%		0.40	%		2.47	%
		2021			0.35	%		2.35	%		16.32		68.21		139,736		6,274,044		11.44	%		13.69	%		1.69	%
		2020			0.35	%		2.35	%		14.41		61.08		144,958		6,100,493		3.44	%		5.53	%		2.48	%
		2019			0.35	%		2.35	%		13.84		58.93		155,341		6,530,409		22.16	%		24.63	%		3.71	%
MFS®​ VIT Utilities Series - Service Class
		2023			0.00	%		3.30	%		9.52		65.16		4,477,110		144,378,608		-5.50	%		-2.33	%		3.29	%
		2022			0.00	%		3.20	%		12.49		67.96		4,970,955		168,043,315		-2.69	%		0.48	%		2.23	%
		2021			0.00	%		3.20	%		13.65		68.90		4,781,218		179,773,953		10.24	%		13.71	%		1.53	%
		2020			0.10	%		3.20	%		13.85		61.66		5,198,996		174,749,677		2.29	%		5.52	%		2.22	%
		2019			0.10	%		3.20	%		13.29		59.47		5,569,220		183,356,573		20.87	%		24.68	%		3.74	%
MFS®​ VIT II Core Equity Portfolio - Service Class
		2023			1.30	%		2.65	%		41.57		55.42		34,450		1,532,433		19.58	%		21.21	%		0.31	%
		2022			1.30	%		2.65	%		28.29		45.72		42,241		1,616,056		-19.65	%		-18.55	%		0.09	%
		2021			1.30	%		2.65	%		35.15		56.14		47,756		2,253,606		21.79	%		23.44	%		0.27	%
		2020			1.30	%		2.65	%		28.82		45.48		89,087		3,321,776		15.29	%		16.86	%		0.50	%
		2019			1.30	%		2.65	%		24.96		38.92		86,446		2,780,408		29.40	%		31.16	%		0.56	%
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class
		2023			0.35	%		0.80	%		15.89		18.18		108,562		1,782,085		16.72	%		17.24	%		0.76	%
		2022			0.35	%		0.80	%		13.61		15.51		125,942		1,771,590		-24.17	%		-23.83	%		0.81	%
		2021			0.35	%		0.80	%		17.93		20.37		106,119		1,963,003		9.68	%		10.17	%		0.34	%
		2020			0.35	%		0.80	%		16.34		18.50		87,893		1,481,377		19.56	%		20.10	%		0.99	%
		2019			0.35	%		0.80	%		13.85		15.41		80,829		1,136,756		24.94	%		25.50	%		1.83	%
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class
		2023			0.00	%		1.65	%		9.26		17.92		2,216,639		32,722,035		15.45	%		17.37	%		0.47	%
		2022			0.00	%		1.65	%		8.02		15.32		2,493,155		32,522,785		-25.00	%		-23.75	%		0.50	%
		2021			0.00	%		1.65	%		14.33		20.15		2,542,199		44,739,576		8.47	%		10.17	%		0.14	%
		2020			0.10	%		1.65	%		13.17		18.32		2,137,742		35,857,353		18.24	%		20.09	%		0.78	%
		2019			0.10	%		1.65	%		11.10		15.29		2,303,336		32,814,935		23.60	%		25.53	%		1.46	%
Morgan Stanley VIF Global Infrastructure Portfolio - Class I
		2023			0.35	%		0.75	%		13.35		14.80		109,080		1,502,129		3.77	%		4.18	%		2.57	%
		2022			0.35	%		0.75	%		12.87		14.21		98,423		1,301,336		-8.70	%		-8.34	%		3.22	%
		2021			0.35	%		0.75	%		14.09		15.51		49,126		709,757		13.41	%		13.86	%		2.51	%
		2020			0.35	%		0.75	%		12.43		13.63		33,131		422,932		-1.89	%		-1.50	%		1.58	%
		2019			0.35	%		0.75	%		12.67		13.84		27,698		359,931		27.35	%		27.85	%		2.83	%
Morgan Stanley VIF Global Infrastructure Portfolio - Class II
		2023			0.00	%		1.65	%		11.42		14.10		642,025		8,410,698		2.56	%		4.27	%		1.95	%
		2022			0.00	%		1.65	%		10.95		14.00		865,132		11,153,151		-9.82	%		-8.32	%		2.96	%
		2021			0.00	%		1.65	%		12.91		15.32		735,403		10,344,653		12.14	%		13.89	%		2.30	%
		2020			0.10	%		1.65	%		11.48		13.48		729,430		9,008,126		-3.05	%		-1.53	%		1.40	%
		2019			0.10	%		1.65	%		11.81		13.72		680,415		8,783,143		25.77	%		27.74	%		2.51	%
Morgan Stanley VIF Growth Portfolio - Class II
		2023			0.65	%		2.55	%		12.24		93.14		36,522		2,422,425		44.59	%		47.36	%		0.00	%
		2022			0.65	%		2.55	%		25.14		63.20		34,865		1,828,101		-61.17	%		-60.42	%		0.00	%
		2021			0.65	%		2.55	%		64.75		159.70		25,814		3,500,483		-2.67	%		-0.80	%		0.00	%
		2020			0.65	%		2.55	%		66.52		160.98		33,529		4,417,089		111.32	%		115.36	%		0.00	%
		2019			0.65	%		2.55	%		31.48		74.75		46,818		2,843,239		28.16	%		30.62	%		0.00	%
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class
		2023			1.15	%		3.15	%		12.43		42.18		401,473		14,608,696		7.56	%		9.73	%		1.01	%
		2022			1.15	%		3.15	%		17.72		38.53		443,226		15,068,610		-12.56	%		-10.79	%		0.57	%
		2021			1.15	%		3.15	%		20.18		43.30		506,498		19,603,949		28.68	%		31.28	%		0.59	%
		2020			1.15	%		3.15	%		15.62		33.06		605,890		17,961,082		-5.64	%		-3.73	%		1.20	%
		2019			1.15	%		3.15	%		16.49		34.43		642,848		19,929,374		13.12	%		15.41	%		0.70	%

N-146

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
PIMCO VIT All Asset All Authority Portfolio - Advisor Class
		2020			0.00	%		0.00	%	$	—	$	—		—	$	—		0.00	%		0.00	%		1.41	%
		2019			0.10	%		1.65	%		9.37		10.93		407,582		3,938,719		5.04	%		6.68	%		2.74	%
PIMCO VIT All Asset All Authority Portfolio - Institutional Class
		2020			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		1.45	%
		2019			0.35	%		0.80	%		9.97		11.06		10,541		109,499		6.18	%		6.66	%		2.89	%
PIMCO VIT All Asset Portfolio - Advisor Class
		2023			0.00	%		1.65	%		10.10		12.68		439,594		4,771,872		6.25	%		8.02	%		3.02	%
		2022			0.00	%		1.65	%		9.47		11.75		555,503		5,735,996		-13.31	%		-11.87	%		7.53	%
		2021			0.00	%		1.65	%		11.09		13.35		592,549		7,018,495		14.14	%		15.93	%		10.97	%
		2020	6/1/20		0.10	%		1.65	%		9.71		11.51		412,384		4,165,896		16.06	%		17.11	%		2.45	%
PIMCO VIT All Asset Portfolio - Institutional Class
		2023			0.35	%		0.40	%		11.80		12.83		55,386		707,713		7.85	%		7.90	%		3.37	%
		2022			0.35	%		0.40	%		10.94		11.89		21,523		253,272		-12.01	%		-11.97	%		7.40	%
		2021			0.35	%		0.80	%		12.06		13.51		30,194		395,642		15.49	%		16.01	%		11.51	%
		2020	6/1/20		0.35	%		0.80	%		10.45		11.64		18,881		211,573		16.81	%		17.11	%		3.42	%
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class
		2023			0.30	%		2.70	%		8.00		10.80		1,244,529		11,671,432		-10.39	%		-8.21	%		16.64	%
		2022			0.30	%		2.75	%		8.82		11.81		1,742,915		18,109,927		5.72	%		8.34	%		21.87	%
		2021			0.30	%		2.75	%		8.14		10.94		1,432,031		14,167,010		29.50	%		32.71	%		4.11	%
		2020			0.30	%		2.75	%		6.13		8.27		1,364,471		10,306,257		-1.52	%		0.93	%		6.18	%
		2019			0.30	%		2.85	%		6.08		8.22		1,314,396		9,916,637		8.33	%		11.02	%		4.31	%
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class
		2023			0.40	%		0.40	%		8.19		8.19		3,766		30,850		-8.11	%		-8.11	%		24.10	%
		2022			0.40	%		0.40	%		8.92		8.92		7,237		64,524		8.35	%		8.35	%		29.22	%
		2021			0.40	%		0.40	%		8.23		8.23		4,270		35,134		32.94	%		32.94	%		4.41	%
		2020			0.40	%		0.40	%		6.19		6.19		4,601		28,481		1.09	%		1.09	%		3.75	%
		2019			0.40	%		0.40	%		6.12		6.12		3,962		24,259		11.19	%		11.19	%		4.18	%
PIMCO VIT Dynamic Bond Portfolio - Advisor Class
		2023			0.30	%		1.65	%		10.41		11.86		274,804		2,981,621		5.24	%		6.67	%		3.59	%
		2022			0.30	%		1.65	%		9.90		11.12		333,588		3,418,090		-7.98	%		-6.73	%		2.60	%
		2021			0.30	%		1.65	%		10.75		11.92		409,263		4,538,109		-0.47	%		0.88	%		1.99	%
		2020			0.30	%		1.65	%		10.81		11.82		378,414		4,195,628		2.99	%		4.39	%		2.70	%
		2019			0.30	%		1.65	%		10.49		11.32		454,063		4,861,077		3.11	%		4.52	%		4.29	%
PIMCO VIT Dynamic Bond Portfolio - Institutional Class
		2023			0.40	%		0.80	%		11.58		12.03		8,501		100,358		6.40	%		6.83	%		3.86	%
		2022			0.40	%		0.80	%		10.88		11.26		8,736		96,648		-6.97	%		-6.59	%		2.86	%
		2021			0.40	%		0.80	%		11.70		12.06		9,284		110,175		0.63	%		1.03	%		2.24	%
		2020			0.40	%		0.80	%		11.63		11.94		8,883		105,170		4.13	%		4.55	%		2.92	%
		2019			0.40	%		0.80	%		11.42		11.42		8,809		99,823		4.67	%		4.67	%		4.80	%
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class
		2023			0.30	%		1.65	%		10.55		12.02		142,373		1,565,756		9.19	%		10.67	%		5.61	%
		2022			0.30	%		1.65	%		9.67		10.86		147,228		1,479,027		-17.18	%		-16.05	%		4.69	%
		2021			0.30	%		1.65	%		11.67		12.94		180,711		2,183,759		-4.25	%		-2.95	%		4.38	%
		2020			0.30	%		1.65	%		12.19		13.33		231,795		2,913,307		4.85	%		6.28	%		4.46	%
		2019			0.30	%		1.65	%		11.63		12.54		304,804		3,641,296		12.78	%		14.31	%		4.32	%
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class
		2023			0.40	%		0.40	%		12.20		12.20		2,572		31,372		10.82	%		10.82	%		5.70	%
		2022			0.40	%		0.40	%		11.01		11.01		2,641		29,063		-15.92	%		-15.92	%		5.03	%
		2021			0.40	%		0.40	%		13.09		13.09		2,566		33,588		-2.81	%		-2.81	%		4.59	%
		2020			0.40	%		0.40	%		13.47		13.47		3,289		44,291		6.44	%		6.44	%		4.67	%
		2019			0.40	%		0.40	%		12.65		12.65		5,979		75,649		14.48	%		14.48	%		4.57	%
Putnam VT George Putnam Balanced Fund - Class IA
		2023			0.35	%		0.75	%		18.15		18.68		87,193		1,615,600		19.37	%		19.84	%		1.43	%
		2022			0.35	%		0.50	%		15.44		15.58		82,678		1,279,448		-16.24	%		-16.11	%		0.79	%
		2021			0.35	%		0.50	%		18.43		18.58		39,452		730,284		13.71	%		13.88	%		0.88	%
		2020			0.35	%		0.50	%		16.21		16.31		36,975		601,241		15.03	%		15.21	%		1.23	%
		2019	4/3/19		0.35	%		0.50	%		14.09		14.16		34,085		481,594		0.14	%		11.77	%		0.00	%

N-147

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Putnam VT George Putnam Balanced Fund - Class IB
		2023			0.10	%		3.25	%	$	9.36	$	18.66		5,817,042	$	95,202,958		16.07	%		19.79	%		1.24	%
		2022			0.00	%		3.20	%		10.31		15.58		5,979,813		82,993,525		-18.64	%		-15.99	%		0.89	%
		2021			0.00	%		3.45	%		13.41		18.57		5,983,336		101,500,615		10.17	%		13.92	%		0.83	%
		2020			0.10	%		3.45	%		13.23		16.30		5,873,936		88,904,612		11.41	%		15.21	%		1.05	%
		2019			0.10	%		3.50	%		11.63		14.15		4,711,553		63,064,701		20.34	%		23.88	%		1.14	%
Putnam VT Global Health Care Fund - Class IA
		2023			0.35	%		0.75	%		19.04		19.80		63,156		1,245,451		8.57	%		9.01	%		0.52	%
		2022			0.35	%		0.75	%		17.48		18.16		56,406		1,019,101		-5.15	%		-4.77	%		0.82	%
		2021			0.35	%		0.75	%		18.36		19.07		51,255		972,075		18.87	%		19.35	%		1.03	%
		2020			0.35	%		0.75	%		15.39		15.98		55,479		880,856		15.60	%		16.07	%		0.40	%
		2019			0.35	%		0.75	%		13.27		13.77		26,927		368,267		29.61	%		30.13	%		0.23	%
Putnam VT Global Health Care Fund - Class IB
		2023			0.00	%		2.70	%		10.12		50.68		1,094,314		22,030,541		6.23	%		9.13	%		0.30	%
		2022			0.00	%		2.35	%		10.85		47.04		1,142,066		21,901,449		-6.89	%		-4.67	%		0.41	%
		2021			0.00	%		2.65	%		16.89		50.00		1,106,433		22,860,508		16.28	%		19.28	%		1.09	%
		2020			0.10	%		2.65	%		14.28		42.42		1,038,534		19,125,984		13.24	%		16.16	%		0.48	%
		2019			0.10	%		2.65	%		12.40		36.96		1,036,526		18,342,329		26.89	%		30.16	%		0.00	%
Putnam VT Income Fund - Class IA
		2023			0.35	%		0.75	%		10.22		10.52		75,428		791,717		4.17	%		4.59	%		5.77	%
		2022			0.35	%		0.75	%		9.81		10.06		68,319		686,168		-14.13	%		-13.79	%		7.70	%
		2021			0.35	%		0.75	%		11.42		11.67		119,713		1,395,122		-5.15	%		-4.77	%		1.58	%
		2020			0.35	%		0.75	%		12.25		12.25		122,665		1,501,564		5.64	%		5.64	%		4.22	%
		2019			0.35	%		0.40	%		11.60		11.60		22,579		261,910		11.85	%		11.85	%		7.90	%
Putnam VT Income Fund - Class IB
		2023			0.00	%		1.65	%		8.39		10.55		934,125		8,921,985		2.98	%		4.69	%		5.87	%
		2022			0.00	%		1.65	%		8.11		10.08		1,035,839		9,559,237		-15.22	%		-13.81	%		5.53	%
		2021			0.00	%		1.65	%		10.54		11.71		1,036,935		11,222,155		-6.15	%		-4.68	%		1.30	%
		2020			0.10	%		1.65	%		11.24		12.29		845,090		9,746,142		4.00	%		5.62	%		4.72	%
		2019			0.10	%		1.65	%		10.80		11.63		803,470		8,872,619		10.06	%		11.78	%		2.89	%
Putnam VT Large Cap Value Fund - Class IA
		2023			0.35	%		2.05	%		15.92		17.15		568,795		9,669,941		13.57	%		15.52	%		2.06	%
		2022			0.35	%		1.85	%		14.11		14.85		596,498		8,797,820		-4.65	%		-3.21	%		1.28	%
		2021			0.35	%		1.85	%		14.80		15.34		335,134		5,116,198		25.28	%		27.17	%		1.23	%
		2020			0.35	%		1.85	%		11.82		12.06		158,125		1,899,470		4.11	%		5.69	%		1.64	%
		2019	11/7/19		0.35	%		1.85	%		11.35		11.41		17,104		195,041		2.71	%		3.05	%		0.00	%
Putnam VT Large Cap Value Fund - Class IB
		2023			0.00	%		3.45	%		14.81		42.29		10,789,289		176,985,123		11.74	%		15.67	%		2.02	%
		2022			0.00	%		3.45	%		13.26		37.04		9,875,728		141,926,699		-6.42	%		-3.13	%		1.22	%
		2021			0.00	%		3.45	%		14.17		38.39		5,395,218		81,902,482		22.99	%		27.30	%		0.80	%
		2020			0.00	%		3.45	%		11.64		30.03		1,945,489		24,008,442		2.98	%		5.49	%		1.15	%
		2019			0.30	%		2.70	%		23.56		28.80		369,951		5,004,026		27.25	%		28.59	%		1.57	%
Putnam VT Multi-Asset Absolute Return Fund - Class IA
		2023			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		5.19	%
		2022			0.35	%		0.35	%		9.73		9.73		15,851		152,994		0.14	%		0.14	%		1.62	%
		2021			0.35	%		0.35	%		9.72		9.72		11,395		110,763		0.71	%		0.71	%		0.00	%
		2020			0.35	%		0.35	%		9.65		9.65		4,894		47,242		-7.50	%		-7.50	%		0.00	%
		2019			0.35	%		0.35	%		10.43		10.43		5,534		57,749		5.56	%		5.56	%		0.00	%
Putnam VT Multi-Asset Absolute Return Fund - Class IB
		2023			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		6.26	%
		2022			0.10	%		1.65	%		8.70		9.84		308,428		2,800,490		-1.29	%		0.26	%		1.33	%
		2021			0.10	%		1.65	%		8.79		9.75		266,667		2,448,687		-0.90	%		0.65	%		0.00	%
		2020			0.10	%		1.65	%		8.93		9.69		274,855		2,533,438		-8.89	%		-7.47	%		0.00	%
		2019			0.10	%		1.65	%		9.74		10.47		259,404		2,611,357		4.18	%		5.81	%		0.00	%
Putnam VT Sustainable Future Fund - Class IB
		2023			1.35	%		1.35	%		9.90		9.90		13,431		133,595		26.80	%		26.80	%		0.00	%
		2022	7/11/22		1.35	%		1.35	%		7.81		7.81		3,980		31,080		-4.70	%		-4.70	%		0.00	%
Putnam VT Sustainable Leaders Fund - Class IA
		2023	10/19/23		0.75	%		0.75	%		11.62		11.62		16,580		192,688		14.11	%		14.11	%		0.00	%

N-148

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
Putnam VT Sustainable Leaders Fund - Class IB
		2023			0.00	%		1.35	%	$	10.59	$	10.86		52,088	$	565,408		24.42	%		26.11	%		0.03	%
		2022	10/17/22		0.00	%		1.35	%		8.51		8.61		587		5,039		-5.24	%		3.35	%		0.00	%
Rational Trend Aggregation VA Fund
		2021			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.54	%
		2020			1.15	%		2.20	%		12.48		13.81		74,242		1,007,341		-1.00	%		0.04	%		0.65	%
		2019			1.10	%		2.20	%		12.61		13.87		78,522		1,068,363		4.96	%		6.12	%		2.73	%
SEI VP Market Growth Strategy Fund - Class II
		2020			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.28	%
		2019			0.75	%		0.75	%		12.23		12.23		178,135		2,178,824		17.96	%		17.96	%		3.02	%
SEI VP Market Growth Strategy Fund - Class III
		2020			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.51	%
		2019			0.95	%		1.65	%		10.72		12.21		233,048		2,748,918		16.65	%		17.47	%		2.79	%
SEI VP Market Plus Strategy Fund - Class III
		2020			0.00	%		0.00	%		—		—		—		—		0.00	%		0.00	%		0.02	%
		2019			0.10	%		1.50	%		12.60		13.15		82,844		1,070,083		19.88	%		21.57	%		1.77	%
Templeton Foreign VIP Fund - Class 1
		2023			0.35	%		0.35	%		13.19		13.19		18,168		238,901		20.67	%		20.67	%		4.06	%
		2022			0.35	%		0.35	%		10.93		10.93		15,124		165,362		-7.71	%		-7.71	%		2.45	%
		2021			0.35	%		0.35	%		11.85		11.85		13,408		158,848		4.07	%		4.07	%		2.13	%
		2020			0.35	%		0.40	%		9.48		11.38		10,126		106,688		-1.31	%		-1.26	%		3.75	%
		2019			0.35	%		0.40	%		9.60		11.53		7,165		76,212		12.39	%		12.44	%		1.93	%
Templeton Foreign VIP Fund - Class 4
		2023			0.00	%		1.65	%		9.40		13.56		563,962		5,845,314		18.71	%		20.69	%		3.29	%
		2022			0.00	%		1.65	%		7.92		11.24		442,147		3,808,570		-9.26	%		-7.75	%		2.86	%
		2021			0.00	%		1.65	%		8.73		12.18		447,642		4,227,975		2.40	%		4.10	%		1.65	%
		2020			0.00	%		1.65	%		8.52		11.22		411,329		3,733,118		-2.95	%		-1.44	%		3.21	%
		2019			0.10	%		1.65	%		8.78		11.39		407,191		3,723,168		10.65	%		12.38	%		1.50	%
Templeton Global Bond VIP Fund - Class 1
		2023			0.35	%		0.80	%		8.71		9.65		300,037		2,854,973		2.37	%		2.83	%		0.00	%
		2022			0.35	%		0.80	%		8.51		9.38		315,078		2,900,677		-5.61	%		-5.18	%		0.00	%
		2021			0.35	%		0.80	%		9.01		9.90		315,951		3,068,688		-5.38	%		-4.96	%		0.00	%
		2020			0.35	%		0.80	%		9.53		10.41		319,932		3,270,158		-5.83	%		-5.41	%		6.89	%
		2019			0.35	%		0.80	%		10.12		11.01		454,295		4,870,746		1.44	%		1.90	%		7.04	%
Templeton Global Bond VIP Fund - Class 2
		2023			0.60	%		3.40	%		7.24		16.06		12,834,070		176,531,404		-0.56	%		2.27	%		0.00	%
		2022			0.60	%		3.15	%		7.26		15.70		13,582,384		187,562,645		-7.90	%		-5.52	%		0.00	%
		2021			0.60	%		3.15	%		7.88		16.62		15,968,918		238,356,004		-7.94	%		-5.56	%		0.00	%
		2020			0.60	%		3.15	%		8.56		17.60		15,791,136		252,286,918		-8.22	%		-5.85	%		8.19	%
		2019			0.60	%		3.15	%		9.33		18.69		16,275,632		279,416,362		-1.15	%		1.40	%		7.11	%
Templeton Global Bond VIP Fund - Class 4
		2023			0.00	%		1.65	%		7.76		9.49		2,015,201		16,601,199		1.14	%		2.82	%		0.00	%
		2022			0.00	%		1.65	%		7.67		9.24		2,136,041		17,279,763		-6.68	%		-5.13	%		0.00	%
		2021			0.00	%		1.65	%		8.22		9.75		2,640,467		22,778,375		-6.57	%		-5.01	%		0.00	%
		2020			0.00	%		1.65	%		8.80		10.27		2,765,446		25,360,725		-6.90	%		-5.45	%		8.12	%
		2019			0.10	%		1.65	%		9.45		10.86		3,157,937		30,945,969		0.19	%		1.75	%		6.77	%
Templeton Growth VIP Fund - Class 2
		2023			1.10	%		3.20	%		9.85		25.39		770,850		15,509,661		17.20	%		19.69	%		3.32	%
		2022			1.10	%		3.05	%		9.91		21.26		843,700		14,397,026		-14.17	%		-12.47	%		0.16	%
		2021			1.10	%		3.05	%		11.51		24.34		969,107		19,234,458		1.72	%		3.72	%		1.11	%
		2020			1.10	%		3.05	%		11.28		23.51		1,086,711		20,960,108		2.62	%		4.64	%		2.99	%
		2019			1.10	%		3.05	%		10.96		22.51		1,190,961		22,080,782		11.69	%		13.89	%		2.77	%
TOPS®​ Balanced ETF Portfolio - Service Class Shares
		2023			0.50	%		0.70	%		12.35		12.46		45,410		562,474		10.54	%		10.77	%		1.84	%
		2022			0.70	%		0.70	%		11.17		11.17		45,748		512,264		-11.84	%		-11.84	%		1.93	%
		2021	6/8/21		0.70	%		0.70	%		12.67		12.67		30,218		382,857		1.40	%		1.40	%		0.87	%

N-149

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

Subaccount	Year		Commencement Date(1)	Minimum Fee Rate(2)			Maximum Fee Rate(2)			Minimum Unit Value(3)		Maximum Unit Value(3)		Units Outstanding		Net Assets		Minimum Total Return(4)			Maximum Total Return(4)			Investment Income Ratio(5)
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares
		2023			0.50	%		1.85	%	$	12.43	$	13.23		829,716	$	10,346,995		11.28	%		12.80	%		1.64	%
		2022			0.50	%		1.85	%		11.17		11.73		880,841		9,859,892		-14.46	%		-13.29	%		1.38	%
		2021			0.50	%		1.85	%		13.06		13.53		945,688		12,366,230		10.73	%		12.24	%		0.93	%
		2020			0.50	%		1.85	%		11.79		12.06		1,002,414		11,829,790		8.45	%		9.93	%		1.57	%
		2019	6/17/19		0.50	%		1.85	%		10.87		10.97		1,068,343		11,618,536		6.25	%		7.87	%		0.22	%
VanEck VIP Global Resources Fund - Class S Shares
		2023			0.00	%		1.65	%		7.07		15.33		631,288		5,519,070		-5.41	%		-3.84	%		2.41	%
		2022			0.00	%		1.65	%		7.47		15.94		1,189,115		11,224,355		6.35	%		8.12	%		1.90	%
		2021			0.00	%		1.65	%		7.02		11.86		707,156		5,554,519		16.74	%		18.56	%		0.19	%
		2020			0.10	%		1.65	%		6.02		10.00		775,269		5,421,681		16.88	%		18.71	%		0.75	%
		2019			0.10	%		1.65	%		5.15		7.52		590,280		3,189,559		9.72	%		11.22	%		0.00	%
VanEck VIP Global Resources Fund - Initial Class Shares
		2023			0.35	%		0.75	%		8.16		12.06		74,082		874,592		-4.30	%		-3.92	%		2.82	%
		2022			0.35	%		0.75	%		8.50		12.55		67,685		819,889		7.58	%		8.01	%		2.04	%
		2021			0.35	%		0.75	%		7.87		11.62		51,089		566,336		18.03	%		18.50	%		0.63	%
		2020			0.35	%		0.75	%		6.65		9.80		104,500		957,154		18.64	%		18.70	%		0.65	%
		2019			0.35	%		0.40	%		5.60		8.26		52,792		335,098		11.42	%		11.48	%		0.00	%
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares
		2023			0.00	%		1.65	%		9.45		12.47		1,410,793		15,731,217		6.91	%		8.69	%		4.78	%
		2022			0.00	%		1.65	%		8.91		11.51		1,425,384		14,866,880		-11.00	%		-9.52	%		3.41	%
		2021			0.00	%		1.65	%		11.19		12.76		1,416,816		16,681,379		-0.58	%		0.97	%		3.06	%
		2020			0.10	%		1.65	%		11.22		12.66		1,368,458		16,229,446		4.79	%		6.43	%		3.27	%
		2019			0.10	%		1.65	%		10.68		11.92		1,410,783		15,896,953		8.66	%		10.36	%		3.87	%
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares
		2023			0.35	%		0.80	%		11.77		12.65		247,795		3,008,239		8.06	%		8.55	%		7.07	%
		2022			0.35	%		0.75	%		10.88		11.66		145,585		1,640,052		-10.01	%		-9.65	%		4.07	%
		2021			0.35	%		0.75	%		12.10		12.91		103,589		1,295,748		0.53	%		0.94	%		3.53	%
		2020			0.35	%		0.75	%		12.03		12.79		29,835		364,421		5.98	%		6.40	%		2.32	%
		2019			0.35	%		0.75	%		11.35		12.03		71,890		827,527		10.06	%		10.50	%		4.41	%

(1)  Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received; thereby, a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.

(2)  These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds have been excluded.

(3)  As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.

(4)  These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.

N-150

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

3. Financial Highlights (continued)

(5)  These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.

Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.

4. Purchases and Sales of Investments

The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2023:

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
AB VPS Discovery Value Portfolio - Class A	$	114,014	$	101,342
AB VPS Discovery Value Portfolio - Class B		28,336,907		27,899,314
AB VPS Large Cap Growth Portfolio - Class B		1,088,368		1,298,099
AB VPS Sustainable Global Thematic Portfolio - Class B		2,765,374		5,135,165
ALPS Global Opportunity Portfolio - Class I		25,458		33,593
ALPS Global Opportunity Portfolio - Class III		237,474		2,869,770
ALPS/Alerian Energy Infrastructure Portfolio - Class I		1,178,041		320,313
ALPS/Alerian Energy Infrastructure Portfolio - Class III		4,671,587		11,346,929
American Century VP Balanced Fund - Class I		770,281		323,782
American Century VP Balanced Fund - Class II		10,640,147		12,123,758
American Century VP Inflation Protection Fund - Class II		541		1,701
American Century VP Large Company Value Fund - Class I		1,892,713		1,737,132
American Century VP Large Company Value Fund - Class II		19,845,120		23,972,406
American Funds Asset Allocation Fund - Class 1		1,411,050		1,552,706
American Funds Asset Allocation Fund - Class 1A		7,922,188		4,606,026
American Funds Asset Allocation Fund - Class 4		34,904,054		36,302,819
American Funds Capital Income Builder®​ - Class 1		33,699		113,305
American Funds Capital Income Builder®​ - Class 1A		802,465		736,620
American Funds Capital Income Builder®​ - Class 4		12,447,031		11,057,104
American Funds Capital World Bond Fund - Class 1		93,380		250,095
American Funds Capital World Bond Fund - Class 1A		205,760		169,032
American Funds Capital World Growth and Income Fund - Class 1		31,671		106,030
American Funds Capital World Growth and Income Fund - Class 1A		535,659		548,408
American Funds Global Balanced Fund - Class 1		49,168		37,863
American Funds Global Balanced Fund - Class 1A		375,945		220,206
American Funds Global Growth Fund - Class 1		206,739		295,948
American Funds Global Growth Fund - Class 1A		3,358,351		2,102,203
American Funds Global Growth Fund - Class 2		22,915,480		39,665,294
American Funds Global Growth Fund - Class 4		24,599,133		14,652,067
American Funds Global Small Capitalization Fund - Class 1		119,592		126,591
American Funds Global Small Capitalization Fund - Class 1A		640,261		529,585
American Funds Global Small Capitalization Fund - Class 2		8,851,300		34,670,072
American Funds Global Small Capitalization Fund - Class 4		7,824,720		2,805,384
American Funds Growth Fund - Class 1		783,406		1,776,193
American Funds Growth Fund - Class 1A		9,224,614		6,380,744
American Funds Growth Fund - Class 2		76,417,550		206,853,129
American Funds Growth Fund - Class 4		124,894,610		79,383,748
American Funds Growth-Income Fund - Class 1		182,102		401,483
American Funds Growth-Income Fund - Class 1A		6,203,479		4,262,753
American Funds Growth-Income Fund - Class 2		97,271,939		227,706,565
American Funds Growth-Income Fund - Class 4		49,173,570		18,468,577
American Funds High-Income Trust - Class 1		160,642		243,167
American Funds High-Income Trust - Class 1A		1,434,500		180,370
American Funds International Fund - Class 1		222,702		159,520
American Funds International Fund - Class 1A		1,538,007		1,419,198

N-151

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
American Funds International Fund - Class 2	$	12,381,496	$	59,493,249
American Funds International Fund - Class 4		7,051,309		5,871,904
American Funds International Growth and Income Fund - Class 1		38,947		95,061
American Funds International Growth and Income Fund - Class 1A		1,256,908		925,798
American Funds Managed Risk Asset Allocation Fund - Class P1		1,857,926		987,144
American Funds Managed Risk Asset Allocation Fund - Class P2		18,908,976		15,250,204
American Funds Managed Risk Growth Fund - Class P1		2,290,649		713,451
American Funds Managed Risk Growth-Income Fund - Class P1		394,834		208,447
American Funds Managed Risk International Fund - Class P1		427,892		229,825
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		555,995		477,906
American Funds Mortgage Fund - Class 1		130,496		212,732
American Funds Mortgage Fund - Class 1A		564,002		343,420
American Funds Mortgage Fund - Class 4		1,381,785		1,732,540
American Funds New World Fund®​ - Class 1		72,373		406,879
American Funds New World Fund®​ - Class 1A		1,248,500		679,971
American Funds New World Fund®​ - Class 4		10,105,054		4,594,776
American Funds The Bond Fund of America - Class 1		719,991		800,719
American Funds The Bond Fund of America - Class 1A		6,316,297		965,176
American Funds U.S. Government Securities Fund - Class 1		48,369		144,876
American Funds U.S. Government Securities Fund - Class 1A		1,814,058		904,536
American Funds Washington Mutual Investors Fund - Class 1		167,208		1,422,616
American Funds Washington Mutual Investors Fund - Class 1A		3,963,850		2,519,481
American Funds Washington Mutual Investors Fund - Class 4		22,695,254		10,786,386
ClearBridge Variable Aggressive Growth Portfolio - Class I		83,397		74,319
ClearBridge Variable Aggressive Growth Portfolio - Class II		2,354,789		3,077,371
ClearBridge Variable Large Cap Growth Portfolio - Class I		2,197,935		1,068,741
ClearBridge Variable Large Cap Growth Portfolio - Class II		41,008,691		24,103,833
ClearBridge Variable Mid Cap Portfolio - Class I		680,595		803,201
ClearBridge Variable Mid Cap Portfolio - Class II		4,417,936		5,532,591
Columbia VP Commodity Strategy Fund - Class 1		915,274		1,209,307
Columbia VP Commodity Strategy Fund - Class 2		3,138,333		9,778,665
Columbia VP Emerging Markets Bond Fund - Class 1		591,999		209,923
Columbia VP Emerging Markets Bond Fund - Class 2		579,795		613,494
Columbia VP Strategic Income Fund - Class 1		604,448		543,964
Columbia VP Strategic Income Fund - Class 2		3,304,936		3,422,110
Delaware Ivy VIP Asset Strategy Portfolio - Class I		41,912		6,339
Delaware Ivy VIP Asset Strategy Portfolio - Class II		958,492		709,414
Delaware Ivy VIP Energy Portfolio - Class I		558,193		545,015
Delaware Ivy VIP Energy Portfolio - Class II		16,443,974		31,681,900
Delaware Ivy VIP High Income Portfolio - Class I		1,223,031		269,090
Delaware Ivy VIP High Income Portfolio - Class II		4,160,049		4,181,577
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		1,168,897		995,671
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		10,462,632		4,749,904
Delaware Ivy VIP Science and Technology Portfolio - Class I		855,057		444,592
Delaware Ivy VIP Science and Technology Portfolio - Class II		8,497,612		8,317,488
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		310,042		62,438
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		4,946,396		1,527,984
Delaware VIP®​ Emerging Markets Series - Service Class		8,931,144		32,778,512
Delaware VIP®​ Emerging Markets Series - Standard Class		346,913		649,513
Delaware VIP®​ International Series - Standard Class		1,041		7,341
Delaware VIP®​ Small Cap Value Series - Service Class		46,548,012		39,543,108
Delaware VIP®​ Small Cap Value Series - Standard Class		875,275		1,332,787
DWS Alternative Asset Allocation VIP Portfolio - Class A		266,459		121,713
DWS Alternative Asset Allocation VIP Portfolio - Class B		4,855,971		6,955,240
DWS Equity 500 Index VIP Portfolio - Class A		410,446		908,042
DWS Small Cap Index VIP Portfolio - Class A		101,771		346,157
Eaton Vance VT Floating-Rate Income Fund - ADV Class		2,818,021		935,779
Eaton Vance VT Floating-Rate Income Fund - Initial Class		29,540,247		31,193,808
Fidelity®​ VIP Balanced Portfolio - Initial Class		3,038,835		1,427,539
Fidelity®​ VIP Balanced Portfolio - Service Class 2		107,330,979		14,946,562
Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class		22,550		22,628

N-152

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2	$	154,444	$	5,267
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2		255,299		28,231
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		2,236,329		1,223,235
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		101,933,648		212,778,593
Fidelity®​ VIP Financials Portfolio - Initial Class		85,826		12,059
Fidelity®​ VIP Financials Portfolio - Service Class 2		98,874		27,902
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		181,406		179,812
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		2,320,077		3,453,365
Fidelity®​ VIP Growth Portfolio - Initial Class		1,612,263		2,359,919
Fidelity®​ VIP Growth Portfolio - Service Class 2		74,770,699		85,360,964
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		605,636		1,014,380
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		33,106,548		46,711,534
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		2,396,152		1,706,906
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		11,324,214		3,578,829
Fidelity®​ VIP Technology Portfolio - Initial Class		531,864		8,648
Fidelity®​ VIP Technology Portfolio - Service Class 2		4,531,074		65,318
First Trust Capital Strength Hedged Equity Portfolio - Class I		2,280,056		563,099
First Trust Capital Strength Portfolio - Class I		41,175,336		19,279,069
First Trust Capital Strength Portfolio - Class II		380,170		739,820
First Trust Dorsey Wright Tactical Core Portfolio - Class I		786,867		2,183,476
First Trust Dorsey Wright Tactical Core Portfolio - Class II		85,069		370,244
First Trust Growth Strength Portfolio - Class I		6,323,254		393,618
First Trust International Developed Capital Strength Portfolio - Class I		6,257,338		1,537,219
First Trust International Developed Capital Strength Portfolio - Class II		196,281		180,094
First Trust Multi Income Allocation Portfolio - Class I		1,042,532		3,120,325
First Trust Multi Income Allocation Portfolio - Class II		9,790		104
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		17,350,944		32,308,164
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		114,827		206,580
Franklin Allocation VIP Fund - Class 1		60,805		60,945
Franklin Allocation VIP Fund - Class 4		6,115,869		2,486,577
Franklin Income VIP Fund - Class 1		188,442		232,203
Franklin Income VIP Fund - Class 2		50,330,756		47,241,114
Franklin Income VIP Fund - Class 4		37,111,751		13,944,402
Franklin Multi-Asset Variable Conservative Growth - Class I		2,124		1,173
Franklin Multi-Asset Variable Conservative Growth - Class II		3,249,842		1,645,727
Franklin Mutual Shares VIP Fund - Class 1		83,226		38,525
Franklin Mutual Shares VIP Fund - Class 2		54,043,725		65,172,256
Franklin Mutual Shares VIP Fund - Class 4		9,389,701		4,663,029
Franklin Rising Dividends VIP Fund - Class 1		969,796		717,520
Franklin Rising Dividends VIP Fund - Class 4		16,073,068		7,302,544
Franklin Small Cap Value VIP Fund - Class 1		1,080,241		1,373,482
Franklin Small Cap Value VIP Fund - Class 4		6,110,067		3,069,244
Franklin Small-Mid Cap Growth VIP Fund - Class 1		701,427		157,579
Franklin Small-Mid Cap Growth VIP Fund - Class 4		3,052,000		1,777,815
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		495,754		889,212
Goldman Sachs VIT Government Money Market Fund - Service Shares		8,674,196		11,574,703
Goldman Sachs VIT Large Cap Value Fund - Service Shares		12,990,907		12,146,943
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		828,417		436,881
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		130,214		94,651
Guggenheim VT Long Short Equity		1,091,181		1,081,171
Guggenheim VT Multi-Hedge Strategies		1,540,309		3,345,789
Hartford Capital Appreciation HLS Fund - Class IA		2,589		361
Hartford Capital Appreciation HLS Fund - Class IC		864,491		2,362,816
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		194,644		561,452
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		2,043,029		2,287,239
Invesco V.I. American Franchise Fund - Series I Shares		46,285		299,301
Invesco V.I. American Franchise Fund - Series II Shares		29,467		124,703
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		235		563,558
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		325,325		1,152,547
Invesco V.I. Comstock Fund - Series I Shares		1,102,133		1,074,711
Invesco V.I. Comstock Fund - Series II Shares		7,724,013		11,852,221

N-153

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
Invesco V.I. Core Equity Fund - Series I Shares	$	268,937	$	764,562
Invesco V.I. Core Equity Fund - Series II Shares		45,853		278,529
Invesco V.I. Diversified Dividend Fund - Series I Shares		312,457		506,880
Invesco V.I. Diversified Dividend Fund - Series II Shares		3,852,710		5,771,663
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares		1,049,725		3,292,468
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		44,531,359		35,184,596
Invesco V.I. Equity and Income Fund - Series I Shares		138,417		170,701
Invesco V.I. Equity and Income Fund - Series II Shares		4,836,420		2,313,999
Invesco V.I. EQV International Equity Fund - Series I Shares		299,240		899,256
Invesco V.I. EQV International Equity Fund - Series II Shares		3,639,439		9,525,453
Invesco V.I. Global Fund - Series II Shares		807,213		1,502,953
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		1,438,032		273,436
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		4,863,451		2,314,931
Janus Henderson Balanced Portfolio - Service Shares		488,793		2,405,296
Janus Henderson Enterprise Portfolio - Service Shares		527,648		522,961
Janus Henderson Global Research Portfolio - Service Shares		48,100		81,723
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2		245,830		4,467,682
JPMorgan Insurance Trust Income Builder Portfolio - Class 1		—		422,404
JPMorgan Insurance Trust Income Builder Portfolio - Class 2		49,822		4,112,303
Lincoln Hedged Nasdaq-100 Fund - Service Class		911,881		1,081,348
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		479,371		36,815
Lincoln Hedged S&P 500 Conservative Fund - Service Class		1,947,229		3,449,796
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		1,700,389		673,522
Lincoln Hedged S&P 500 Fund - Service Class		1,431,936		729,134
Lincoln Hedged S&P 500 Fund 2 - Service Class		946,712		118,796
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		652,188		28,562
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		63,360		325,852
Lincoln Opportunistic Hedged Equity Fund - Service Class		256,919		46
Lincoln S&P 500 Buffer Fund Feb - Service Class		1,451,713		726,374
Lincoln S&P 500 Buffer Fund May - Service Class		2,219,888		415,134
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		1,101,695		96,797
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		3,994,471		2,737,669
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		8,001,896		6,996,800
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		4,013,339		6,667,597
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		560,518		1,401,997
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		23,236,584		24,152,173
LVIP American Balanced Allocation Fund - Service Class		29,153,035		13,435,437
LVIP American Balanced Allocation Fund - Standard Class		4,649,481		1,197,490
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		52,387,079		32,054,657
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		4,455,769		4,395,435
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		53,983		19,099
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		15,421,873		11,750,024
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		89,315		9,284
LVIP American Global Growth Fund - Service Class II		39,252,744		29,810,491
LVIP American Global Small Capitalization Fund - Service Class II		17,223,074		7,963,062
LVIP American Growth Allocation Fund - Service Class		23,045,588		8,930,173
LVIP American Growth Allocation Fund - Standard Class		3,227,957		557,140
LVIP American Growth Fund - Service Class II		238,849,112		113,202,362
LVIP American Growth-Income Fund - Service Class II		153,251,745		67,572,136
LVIP American Income Allocation Fund - Standard Class		12,147		122,518
LVIP American International Fund - Service Class II		45,878,935		26,917,773
LVIP American Preservation Fund - Service Class		5,794,005		8,512,487
LVIP American Preservation Fund - Standard Class		18,003		16,349
LVIP Baron Growth Opportunities Fund - Service Class		17,905,353		21,625,931
LVIP Baron Growth Opportunities Fund - Standard Class		1,020,299		632,468
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		155,205,951		115,086,232
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class		40,889		30,661
LVIP BlackRock Global Allocation Fund - Service Class		21,051,943		108,659,800
LVIP BlackRock Global Allocation Fund - Standard Class		1,248,528		1,118,042
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		15,987,513		87,456,111
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		3,160		4,114

N-154

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class	$	12,684,671	$	37,181,313
LVIP BlackRock Inflation Protected Bond Fund - Service Class		33,014,179		99,590,020
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		1,784,999		6,211,326
LVIP BlackRock Real Estate Fund - Service Class		5,130,893		10,628,127
LVIP BlackRock Real Estate Fund - Standard Class		539,439		585,948
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		22,230,976		42,438,997
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		24,842,365		173,113,233
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		179,716		539,665
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		11,129,302		74,109,515
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		1,963		9,059
LVIP Channing Small Cap Value Fund - Service Class		6,091,133		706,452
LVIP Channing Small Cap Value Fund - Standard Class		639,019		77,169
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		25,560,605		76,914,575
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		4,324		8,041
LVIP Delaware Bond Fund - Service Class		288,664,229		190,134,673
LVIP Delaware Bond Fund - Standard Class		3,704,759		7,908,505
LVIP Delaware Diversified Floating Rate Fund - Service Class		58,446,030		85,374,732
LVIP Delaware Diversified Floating Rate Fund - Standard Class		1,874,728		4,658,524
LVIP Delaware Diversified Income Fund - Service Class		115,535,882		102,511,938
LVIP Delaware Diversified Income Fund - Standard Class		3,451,310		1,685,937
LVIP Delaware High Yield Fund - Service Class		11,253,918		9,678,676
LVIP Delaware High Yield Fund - Standard Class		881,918		376,336
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		51,450,095		102,807,213
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		1,769,864		1,400,106
LVIP Delaware Mid Cap Value Fund - Service Class		22,862,526		14,137,207
LVIP Delaware Mid Cap Value Fund - Standard Class		550,572		858,586
LVIP Delaware SMID Cap Core Fund - Service Class		16,052,776		13,790,220
LVIP Delaware SMID Cap Core Fund - Standard Class		752,969		868,317
LVIP Delaware Social Awareness Fund - Service Class		9,062,726		10,292,484
LVIP Delaware Social Awareness Fund - Standard Class		925,210		790,808
LVIP Delaware U.S. Growth Fund - Service Class		5,235,044		59,742,089
LVIP Delaware U.S. Growth Fund - Standard Class		298,507		40,699
LVIP Delaware U.S. REIT Fund - Service Class		7,082,714		12,722,358
LVIP Delaware U.S. REIT Fund - Standard Class		608,368		650,560
LVIP Delaware Value Fund - Service Class		20,360,949		31,892,252
LVIP Delaware Value Fund - Standard Class		569,042		1,260,367
LVIP Delaware Wealth Builder Fund - Service Class		3,304,065		4,096,929
LVIP Delaware Wealth Builder Fund - Standard Class		155,766		460,382
LVIP Dimensional International Core Equity Fund - Service Class		13,107,845		15,667,751
LVIP Dimensional International Core Equity Fund - Standard Class		3,098,829		2,453,752
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		22,943,890		62,442,883
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		362,504		420,413
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		32,385,743		17,874,013
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		4,929,191		3,222,078
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		28,012,608		15,426,520
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		4,527,916		3,364,564
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class		114,700,296		97,457,845
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		1,932,796		688,704
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		36,027,123		67,692,559
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		4,374		9,577
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		50,069,389		108,623,206
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class		11,906		110
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		4,337,823		18,188,821
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		940,608		1,286,307
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		5,311,780		21,051,848
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		1,418,009		904,980
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		39,583,653		48,239,887
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		1,788,753		4,014,029
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		19,526,868		19,854,171
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		1,821,846		3,540,184
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		35,312,191		10,582,248

N-155

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class	$	228,816	$	383,099
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		33,901,434		105,323,856
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		406,079		99,970
LVIP Global Growth Allocation Managed Risk Fund - Service Class		80,813,687		700,333,269
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		1,085,314		927,779
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		67,753,407		550,793,577
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		849,517		1,937,882
LVIP Government Money Market Fund - Service Class		402,091,833		317,894,883
LVIP Government Money Market Fund - Standard Class		24,229,968		24,893,063
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		29,555,697		51,095,260
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		7,229		4,112
LVIP JPMorgan Core Bond Fund - Service Class		88,376,191		4,280,510
LVIP JPMorgan Core Bond Fund - Standard Class		4,524,351		1,275,540
LVIP JPMorgan High Yield Fund - Service Class		26,737,790		31,631,289
LVIP JPMorgan High Yield Fund - Standard Class		1,840,255		2,621,585
LVIP JPMorgan Mid Cap Value Fund - Service Class		4,116,570		110,048
LVIP JPMorgan Mid Cap Value Fund - Standard Class		456,237		6,647
LVIP JPMorgan Retirement Income Fund - Service Class		4,547,993		3,811,964
LVIP JPMorgan Retirement Income Fund - Standard Class		42,232		16,425
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		51,149,661		58,091,805
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		18,021		14,560
LVIP JPMorgan Small Cap Core Fund - Service Class		6,990,279		366,364
LVIP JPMorgan Small Cap Core Fund - Standard Class		1,484,044		28,396
LVIP JPMorgan U.S. Equity Fund - Service Class		19,223,667		274,098
LVIP JPMorgan U.S. Equity Fund - Standard Class		386,030		35,243
LVIP Loomis Sayles Global Growth Fund - Service Class		3,497,400		1,594,088
LVIP Loomis Sayles Global Growth Fund - Standard Class		447,851		276,052
LVIP MFS International Equity Managed Volatility Fund - Service Class		55,140,080		57,958,140
LVIP MFS International Growth Fund - Service Class		28,167,772		24,446,827
LVIP MFS International Growth Fund - Standard Class		493,416		329,002
LVIP MFS Value Fund - Service Class		99,608,459		76,749,807
LVIP MFS Value Fund - Standard Class		1,313,768		1,745,357
LVIP Mondrian Global Income Fund - Service Class		11,098,405		35,974,853
LVIP Mondrian Global Income Fund - Standard Class		142,119		222,916
LVIP Mondrian International Value Fund - Service Class		13,002,929		37,223,652
LVIP Mondrian International Value Fund - Standard Class		557,937		1,166,725
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		10,550,808		14,469,663
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class		1,557		19,071
LVIP PIMCO Low Duration Bond Fund - Service Class		95,408,560		100,459,947
LVIP PIMCO Low Duration Bond Fund - Standard Class		2,093,805		2,431,543
LVIP SSGA Bond Index Fund - Service Class		50,915,565		53,014,705
LVIP SSGA Bond Index Fund - Standard Class		5,288,551		4,032,474
LVIP SSGA Conservative Index Allocation Fund - Service Class		8,809,472		11,005,472
LVIP SSGA Conservative Index Allocation Fund - Standard Class		454,941		462,819
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		2,902,852		2,519,823
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		1,571,068		777,737
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		17,418,830		75,978,964
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		544,241		295,084
LVIP SSGA International Index Fund - Service Class		17,845,238		33,278,633
LVIP SSGA International Index Fund - Standard Class		4,067,737		2,641,216
LVIP SSGA International Managed Volatility Fund - Service Class		9,837,216		51,253,539
LVIP SSGA International Managed Volatility Fund - Standard Class		7,219		29,057
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		139,946,804		89,559,544
LVIP SSGA Mid-Cap Index Fund - Service Class		32,191,542		13,509,827
LVIP SSGA Mid-Cap Index Fund - Standard Class		3,593,177		1,336,534
LVIP SSGA Moderate Index Allocation Fund - Service Class		28,018,628		27,937,700
LVIP SSGA Moderate Index Allocation Fund - Standard Class		305,433		843,409
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		30,430,857		23,579,540
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		457,506		234,635
LVIP SSGA Nasdaq-100 Index Fund - Service Class		17,824,063		3,903,860
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		2,847,331		793,942

N-156

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
LVIP SSGA S&P 500 Index Fund - Service Class	$	158,847,320	$	133,612,123
LVIP SSGA S&P 500 Index Fund - Standard Class		18,301,447		10,817,686
LVIP SSGA Short-Term Bond Index Fund - Service Class		45,609,052		35,597,432
LVIP SSGA Short-Term Bond Index Fund - Standard Class		5,873,446		2,554,448
LVIP SSGA Small-Cap Index Fund - Service Class		39,395,923		27,328,818
LVIP SSGA Small-Cap Index Fund - Standard Class		4,185,039		4,168,975
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		39,381,499		44,304,127
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		13,508		5,113
LVIP Structured Conservative Allocation Fund - Service Class		5,285,617		19,049,219
LVIP Structured Conservative Allocation Fund - Standard Class		42,659		253,080
LVIP Structured Moderate Allocation Fund - Service Class		24,793,277		77,833,375
LVIP Structured Moderate Allocation Fund - Standard Class		66,569		17,612
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		15,351,627		39,734,252
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		593,010		141,927
LVIP T. Rowe Price 2020 Fund - Service Class		593,919		511,984
LVIP T. Rowe Price 2030 Fund - Service Class		1,048,861		465,542
LVIP T. Rowe Price 2040 Fund - Service Class		286,015		338,122
LVIP T. Rowe Price Growth Stock Fund - Service Class		13,369,921		56,898,429
LVIP T. Rowe Price Growth Stock Fund - Standard Class		1,642,172		1,002,887
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		13,606,765		23,880,662
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		133,397		564,223
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		17,514,777		15,762,381
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		121,385		90,868
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class		69,184,571		100,508,698
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		78,168		453,692
LVIP Vanguard Bond Allocation Fund - Service Class		106,634,373		27,718,758
LVIP Vanguard Bond Allocation Fund - Standard Class		9,573,238		3,407,281
LVIP Vanguard Domestic Equity ETF Fund - Service Class		34,490,779		38,638,354
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		2,679,121		2,519,045
LVIP Vanguard International Equity ETF Fund - Service Class		26,155,594		21,718,961
LVIP Vanguard International Equity ETF Fund - Standard Class		3,074,945		2,792,144
LVIP Wellington Capital Growth Fund - Service Class		9,145,880		67,480,884
LVIP Wellington Capital Growth Fund - Standard Class		472,539		567,012
LVIP Wellington SMID Cap Value Fund - Service Class		26,608,364		15,319,195
LVIP Wellington SMID Cap Value Fund - Standard Class		1,023,815		1,155,909
LVIP Western Asset Core Bond Fund - Service Class		104,808,890		22,412,963
LVIP Western Asset Core Bond Fund - Standard Class		3,741,396		2,137,633
MFS®​ VIT Growth Series - Initial Class		651,444		1,337,444
MFS®​ VIT Growth Series - Service Class		23,057,703		32,713,780
MFS®​ VIT Total Return Series - Initial Class		607,259		586,327
MFS®​ VIT Total Return Series - Service Class		15,366,216		10,830,152
MFS®​ VIT Utilities Series - Initial Class		1,324,694		1,202,794
MFS®​ VIT Utilities Series - Service Class		20,434,053		26,848,281
MFS®​ VIT II Core Equity Portfolio - Service Class		80,479		409,051
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		852,532		966,064
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		4,480,090		6,962,231
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		416,844		40,683
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		2,950,509		4,816,611
Morgan Stanley VIF Growth Portfolio - Class II		563,423		791,200
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		1,485,423		2,560,177
PIMCO VIT All Asset Portfolio - Advisor Class		2,825,694		4,041,467
PIMCO VIT All Asset Portfolio - Institutional Class		456,261		21,261
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		6,132,015		8,793,022
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		108,529		130,458
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		239,068		772,269
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		42,275		41,566
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		145,693		132,408
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		138,951		137,163
Putnam VT George Putnam Balanced Fund - Class IA		169,467		73,968
Putnam VT George Putnam Balanced Fund - Class IB		8,298,589		11,095,342
Putnam VT Global Health Care Fund - Class IA		743,007		534,044

N-157

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Notes to financial statements (continued)

4. Purchases and Sales of Investments (continued)

Subaccount	Aggregate Cost of Purchases		Aggregate Proceeds from Sales
Putnam VT Global Health Care Fund - Class IB	$	4,568,209	$	4,517,407
Putnam VT Income Fund - Class IA		190,444		80,376
Putnam VT Income Fund - Class IB		1,304,564		1,794,103
Putnam VT Large Cap Value Fund - Class IA		3,342,375		3,123,726
Putnam VT Large Cap Value Fund - Class IB		48,254,786		24,667,878
Putnam VT Multi-Asset Absolute Return Fund - Class IA		6,435		154,934
Putnam VT Multi-Asset Absolute Return Fund - Class IB		624,604		3,281,154
Putnam VT Sustainable Future Fund - Class IB		189,644		112,692
Putnam VT Sustainable Leaders Fund - Class IA		171,000		2,578
Putnam VT Sustainable Leaders Fund - Class IB		579,555		54,459
Templeton Foreign VIP Fund - Class 1		128,419		89,820
Templeton Foreign VIP Fund - Class 4		2,862,361		1,574,839
Templeton Global Bond VIP Fund - Class 1		607,752		754,843
Templeton Global Bond VIP Fund - Class 2		3,864,216		19,688,720
Templeton Global Bond VIP Fund - Class 4		1,287,324		2,437,125
Templeton Growth VIP Fund - Class 2		2,234,962		3,467,723
TOPS®​ Balanced ETF Portfolio - Service Class Shares		22,811		13,225
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		357,432		835,640
VanEck VIP Global Resources Fund - Class S Shares		3,920,507		9,290,315
VanEck VIP Global Resources Fund - Initial Class Shares		311,860		194,038
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		3,736,612		3,428,775
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		1,709,324		396,610

5. Investments

The following is a summary of investments owned at December 31, 2023:

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
AB VPS Discovery Value Portfolio - Class A		33,213	$	17.71	$	588,207	$	633,173
AB VPS Discovery Value Portfolio - Class B		12,281,002		17.44		214,180,672		218,489,058
AB VPS Large Cap Growth Portfolio - Class B		146,456		66.96		9,806,708		7,844,848
AB VPS Sustainable Global Thematic Portfolio - Class B		1,014,212		31.05		31,491,296		31,650,126
ALPS Global Opportunity Portfolio - Class I		23,009		11.41		262,534		276,423
ALPS Global Opportunity Portfolio - Class III		850,677		12.21		10,386,767		10,636,871
ALPS/Alerian Energy Infrastructure Portfolio - Class I		260,467		10.83		2,820,856		2,552,684
ALPS/Alerian Energy Infrastructure Portfolio - Class III		1,977,361		10.82		21,395,049		18,913,415
American Century VP Balanced Fund - Class I		144,916		7.65		1,108,604		1,055,012
American Century VP Balanced Fund - Class II		17,791,829		7.65		136,107,489		137,343,604
American Century VP Inflation Protection Fund - Class II		1,691		9.37		15,844		17,504
American Century VP Large Company Value Fund - Class I		373,411		17.75		6,628,050		6,293,116
American Century VP Large Company Value Fund - Class II		5,930,955		18.10		107,350,285		104,698,216
American Funds Asset Allocation Fund - Class 1		957,189		23.86		22,838,527		21,708,634
American Funds Asset Allocation Fund - Class 1A		1,349,397		23.74		32,034,680		32,192,231
American Funds Asset Allocation Fund - Class 4		11,402,533		23.34		266,135,120		269,867,322
American Funds Capital Income Builder®​ - Class 1		85,286		11.63		991,879		857,309
American Funds Capital Income Builder®​ - Class 1A		861,811		11.62		10,014,239		9,328,849
American Funds Capital Income Builder®​ - Class 4		4,905,909		11.60		56,908,544		52,157,780
American Funds Capital World Bond Fund - Class 1		234,275		10.16		2,380,236		2,735,961
American Funds Capital World Bond Fund - Class 1A		144,183		10.08		1,453,363		1,613,691
American Funds Capital World Growth and Income Fund - Class 1		108,734		13.85		1,505,968		1,462,054
American Funds Capital World Growth and Income Fund - Class 1A		394,778		13.77		5,436,095		5,871,614
American Funds Global Balanced Fund - Class 1		28,621		12.37		354,047		348,351
American Funds Global Balanced Fund - Class 1A		184,178		12.30		2,265,384		2,413,857
American Funds Global Growth Fund - Class 1		41,701		33.92		1,414,503		1,347,197
American Funds Global Growth Fund - Class 1A		469,539		33.74		15,842,254		16,453,039
American Funds Global Growth Fund - Class 2		7,141,768		33.44		238,820,729		203,840,679
American Funds Global Growth Fund - Class 4		3,493,976		33.08		115,580,738		115,508,722
American Funds Global Small Capitalization Fund - Class 1		67,064		18.57		1,245,387		1,456,890
American Funds Global Small Capitalization Fund - Class 1A		256,888		18.31		4,703,616		6,433,304

N-158

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Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
American Funds Global Small Capitalization Fund - Class 2		15,703,887	$	17.50	$	274,818,026	$	310,642,916
American Funds Global Small Capitalization Fund - Class 4		1,940,895		17.46		33,888,021		41,556,247
American Funds Growth Fund - Class 1		69,171		99.44		6,878,384		5,924,500
American Funds Growth Fund - Class 1A		549,058		98.46		54,060,215		52,849,473
American Funds Growth Fund - Class 2		13,700,200		98.20		1,345,359,592		1,041,871,614
American Funds Growth Fund - Class 4		5,092,708		95.70		487,372,200		457,245,197
American Funds Growth-Income Fund - Class 1		47,041		59.26		2,787,644		2,333,571
American Funds Growth-Income Fund - Class 1A		601,201		58.88		35,398,741		33,053,819
American Funds Growth-Income Fund - Class 2		26,247,905		58.30		1,530,252,886		1,176,045,293
American Funds Growth-Income Fund - Class 4		5,402,539		57.34		309,781,612		283,273,424
American Funds High-Income Trust - Class 1		149,058		8.94		1,332,580		1,480,183
American Funds High-Income Trust - Class 1A		293,437		8.90		2,611,590		2,694,750
American Funds International Fund - Class 1		176,407		17.50		3,087,119		3,361,826
American Funds International Fund - Class 1A		692,656		17.41		12,059,146		13,491,471
American Funds International Fund - Class 2		24,210,227		17.41		421,500,056		439,763,563
American Funds International Fund - Class 4		3,589,424		17.13		61,486,834		68,028,620
American Funds International Growth and Income Fund - Class 1		80,904		10.10		817,128		1,051,979
American Funds International Growth and Income Fund - Class 1A		300,719		9.83		2,956,065		3,508,386
American Funds Managed Risk Asset Allocation Fund - Class P1		611,531		11.90		7,277,219		7,854,981
American Funds Managed Risk Asset Allocation Fund - Class P2		10,751,295		11.53		123,962,436		132,344,232
American Funds Managed Risk Growth Fund - Class P1		523,741		10.86		5,687,823		6,573,859
American Funds Managed Risk Growth-Income Fund - Class P1		139,248		12.53		1,744,777		1,834,703
American Funds Managed Risk International Fund - Class P1		217,354		8.36		1,817,083		2,107,695
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		239,757		10.50		2,517,450		2,738,976
American Funds Mortgage Fund - Class 1		45,874		9.44		433,052		474,483
American Funds Mortgage Fund - Class 1A		201,316		9.32		1,876,261		2,044,200
American Funds Mortgage Fund - Class 4		741,243		9.23		6,841,677		7,564,570
American Funds New World Fund®​ - Class 1		113,608		25.48		2,894,728		2,707,553
American Funds New World Fund®​ - Class 1A		383,211		25.36		9,718,229		10,470,366
American Funds New World Fund®​ - Class 4		2,269,261		24.95		56,618,057		57,045,318
American Funds The Bond Fund of America - Class 1		648,149		9.54		6,183,339		7,024,008
American Funds The Bond Fund of America - Class 1A		1,638,375		9.47		15,515,410		16,912,333
American Funds U.S. Government Securities Fund - Class 1		23,104		9.91		228,957		260,316
American Funds U.S. Government Securities Fund - Class 1A		480,147		9.87		4,739,052		5,230,887
American Funds Washington Mutual Investors Fund - Class 1		210,400		14.49		3,048,691		2,818,208
American Funds Washington Mutual Investors Fund - Class 1A		1,505,713		14.43		21,727,445		21,301,419
American Funds Washington Mutual Investors Fund - Class 4		8,744,658		14.06		122,949,885		119,224,219
ClearBridge Variable Aggressive Growth Portfolio - Class I		32,886		17.12		563,009		801,982
ClearBridge Variable Aggressive Growth Portfolio - Class II		1,117,404		16.56		18,504,203		25,949,082
ClearBridge Variable Large Cap Growth Portfolio - Class I		187,047		38.67		7,233,110		6,450,036
ClearBridge Variable Large Cap Growth Portfolio - Class II		6,980,440		38.07		265,745,347		221,310,174
ClearBridge Variable Mid Cap Portfolio - Class I		72,322		22.82		1,650,385		1,687,107
ClearBridge Variable Mid Cap Portfolio - Class II		2,637,694		22.57		59,532,745		58,667,860
Columbia VP Commodity Strategy Fund - Class 1		386,125		3.76		1,451,831		2,224,071
Columbia VP Commodity Strategy Fund - Class 2		1,633,884		3.67		5,996,355		8,520,030
Columbia VP Emerging Markets Bond Fund - Class 1		116,570		7.86		916,240		977,986
Columbia VP Emerging Markets Bond Fund - Class 2		350,725		7.85		2,753,193		3,106,139
Columbia VP Strategic Income Fund - Class 1		697,436		3.70		2,580,514		2,828,040
Columbia VP Strategic Income Fund - Class 2		4,457,337		3.65		16,269,280		17,600,193
Delaware Ivy VIP Asset Strategy Portfolio - Class I		108,811		8.76		953,182		1,133,456
Delaware Ivy VIP Asset Strategy Portfolio - Class II		868,447		8.76		7,607,596		8,081,042
Delaware Ivy VIP Energy Portfolio - Class I		92,710		5.09		471,893		448,427
Delaware Ivy VIP Energy Portfolio - Class II		2,534,812		5.10		12,927,543		11,861,940
Delaware Ivy VIP High Income Portfolio - Class I		1,041,789		2.96		3,083,696		3,226,279
Delaware Ivy VIP High Income Portfolio - Class II		7,503,231		2.95		22,134,531		23,843,313
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		535,811		10.18		5,454,551		6,512,052
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		3,249,510		10.00		32,495,096		38,195,953
Delaware Ivy VIP Science and Technology Portfolio - Class I		95,404		23.38		2,230,555		2,463,921
Delaware Ivy VIP Science and Technology Portfolio - Class II		2,113,700		22.97		48,551,697		54,779,590
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		229,359		5.85		1,341,749		1,865,243
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		2,221,410		5.75		12,773,105		16,708,781

N-159

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Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
Delaware VIP®​ Emerging Markets Series - Service Class		9,897,105	$	21.98	$	217,538,369	$	211,291,827
Delaware VIP®​ Emerging Markets Series - Standard Class		62,822		22.05		1,385,231		1,451,349
Delaware VIP®​ International Series - Standard Class		3,441		16.75		57,644		63,800
Delaware VIP®​ Small Cap Value Series - Service Class		11,836,931		38.14		451,460,551		404,233,400
Delaware VIP®​ Small Cap Value Series - Standard Class		185,785		38.39		7,132,287		6,790,691
DWS Alternative Asset Allocation VIP Portfolio - Class A		211,916		12.74		2,699,809		2,902,516
DWS Alternative Asset Allocation VIP Portfolio - Class B		2,939,847		12.72		37,394,851		39,183,855
DWS Equity 500 Index VIP Portfolio - Class A		232,227		26.97		6,263,159		4,529,862
DWS Small Cap Index VIP Portfolio - Class A		150,932		13.63		2,057,208		2,071,338
Eaton Vance VT Floating-Rate Income Fund - ADV Class		539,348		8.66		4,670,757		4,724,758
Eaton Vance VT Floating-Rate Income Fund - Initial Class		4,184,148		8.65		36,192,880		36,447,987
Fidelity®​ VIP Balanced Portfolio - Initial Class		511,376		22.32		11,413,908		11,336,929
Fidelity®​ VIP Balanced Portfolio - Service Class 2		18,276,128		21.54		393,667,797		379,244,187
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2		4,674		33.37		155,976		149,329
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2		11,562		19.38		224,067		226,437
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		172,418		48.63		8,384,696		7,241,614
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		29,119,720		46.83		1,363,676,490		1,035,395,500
Fidelity®​ VIP Financials Portfolio - Initial Class		5,208		15.02		78,229		74,321
Fidelity®​ VIP Financials Portfolio - Service Class 2		5,188		15.00		77,825		74,677
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		62,380		11.37		709,266		751,841
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		2,285,072		11.31		25,844,162		27,365,270
Fidelity®​ VIP Growth Portfolio - Initial Class		111,340		93.10		10,365,745		9,167,140
Fidelity®​ VIP Growth Portfolio - Service Class 2		4,091,203		89.92		367,880,930		317,744,758
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		113,606		36.44		4,139,797		4,107,046
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		16,772,015		34.69		581,821,216		551,106,566
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		641,890		10.48		6,727,003		7,105,805
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		3,433,721		10.35		35,539,014		37,457,285
Fidelity®​ VIP Technology Portfolio - Initial Class		17,799		32.11		571,536		523,531
Fidelity®​ VIP Technology Portfolio - Service Class 2		152,044		32.07		4,876,056		4,469,000
First Trust Capital Strength Hedged Equity Portfolio - Class I		175,735		9.79		1,720,443		1,718,744
First Trust Capital Strength Portfolio - Class I		8,234,993		13.55		111,584,154		105,027,096
First Trust Capital Strength Portfolio - Class II		88,747		13.56		1,203,409		1,116,023
First Trust Dorsey Wright Tactical Core Portfolio - Class I		862,667		11.44		9,868,906		10,331,185
First Trust Dorsey Wright Tactical Core Portfolio - Class II		23,898		11.35		271,247		310,873
First Trust Growth Strength Portfolio - Class I		513,952		12.62		6,486,076		5,958,216
First Trust International Developed Capital Strength Portfolio - Class I		769,686		12.48		9,605,680		9,070,109
First Trust International Developed Capital Strength Portfolio - Class II		29,144		12.50		364,296		344,089
First Trust Multi Income Allocation Portfolio - Class I		741,498		11.36		8,423,418		8,371,623
First Trust Multi Income Allocation Portfolio - Class II		2,927		11.35		33,226		34,818
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		13,812,825		13.24		182,881,807		187,995,486
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		122,856		13.28		1,631,529		1,728,376
Franklin Allocation VIP Fund - Class 4		4,383,465		5.10		22,355,671		24,009,712
Franklin Income VIP Fund - Class 1		71,216		14.91		1,061,835		1,129,821
Franklin Income VIP Fund - Class 2		24,686,629		14.20		350,550,127		365,577,360
Franklin Income VIP Fund - Class 4		11,312,263		14.67		165,950,900		175,034,268
Franklin Multi-Asset Variable Conservative Growth - Class I		6,606		14.41		95,191		109,491
Franklin Multi-Asset Variable Conservative Growth - Class II		1,175,422		14.34		16,855,550		17,022,707
Franklin Mutual Shares VIP Fund - Class 1		51,396		15.74		808,979		934,001
Franklin Mutual Shares VIP Fund - Class 2		30,684,802		15.33		470,398,016		498,342,258
Franklin Mutual Shares VIP Fund - Class 4		2,962,667		15.53		46,010,219		50,398,054
Franklin Rising Dividends VIP Fund - Class 1		117,818		28.23		3,325,990		3,399,180
Franklin Rising Dividends VIP Fund - Class 4		2,230,567		26.96		60,136,086		60,645,059
Franklin Small Cap Value VIP Fund - Class 1		177,352		14.16		2,511,310		2,680,164
Franklin Small Cap Value VIP Fund - Class 4		1,621,391		13.88		22,504,906		23,357,968
Franklin Small-Mid Cap Growth VIP Fund - Class 1		136,203		17.06		2,323,623		2,509,338
Franklin Small-Mid Cap Growth VIP Fund - Class 4		1,057,519		14.33		15,154,249		17,466,387
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		544,914		1.00		544,914		544,914
Goldman Sachs VIT Government Money Market Fund - Service Shares		16,894,075		1.00		16,894,075		16,894,080
Goldman Sachs VIT Large Cap Value Fund - Service Shares		13,423,331		8.44		113,292,913		123,655,426
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		404,944		8.84		3,579,702		3,725,394
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		184,954		8.88		1,642,395		1,753,435

N-160

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
Guggenheim VT Long Short Equity		346,281	$	16.97	$	5,876,391	$	5,416,818
Guggenheim VT Multi-Hedge Strategies		354,910		25.89		9,188,611		9,261,522
Hartford Capital Appreciation HLS Fund - Class IA		2,241		46.05		103,219		108,792
Hartford Capital Appreciation HLS Fund - Class IC		303,411		45.18		13,708,113		13,777,678
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		587,731		2.02		1,187,217		1,333,561
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		7,271,218		2.14		15,560,406		16,995,695
Invesco V.I. American Franchise Fund - Series I Shares		35,739		58.96		2,107,187		1,863,293
Invesco V.I. American Franchise Fund - Series II Shares		12,309		53.21		654,952		622,139
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		86,840		8.68		753,773		886,892
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		1,160,035		8.48		9,837,101		11,732,057
Invesco V.I. Comstock Fund - Series I Shares		120,885		19.67		2,377,803		2,456,875
Invesco V.I. Comstock Fund - Series II Shares		1,471,350		19.58		28,809,042		29,210,998
Invesco V.I. Core Equity Fund - Series I Shares		168,578		29.29		4,937,648		4,781,795
Invesco V.I. Core Equity Fund - Series II Shares		35,881		29.12		1,044,863		1,008,990
Invesco V.I. Diversified Dividend Fund - Series I Shares		40,174		24.24		973,813		1,048,283
Invesco V.I. Diversified Dividend Fund - Series II Shares		930,404		23.99		22,320,400		23,665,014
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares		237,367		26.22		6,223,754		5,991,384
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		11,652,735		25.17		293,299,332		255,692,161
Invesco V.I. Equity and Income Fund - Series I Shares		55,355		16.48		912,250		1,042,698
Invesco V.I. Equity and Income Fund - Series II Shares		1,082,936		16.36		17,716,836		18,818,260
Invesco V.I. EQV International Equity Fund - Series I Shares		66,543		34.09		2,268,440		2,274,637
Invesco V.I. EQV International Equity Fund - Series II Shares		2,367,393		33.47		79,236,649		83,046,024
Invesco V.I. Global Fund - Series II Shares		181,547		35.50		6,444,926		6,367,003
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		119,863		26.91		3,225,510		3,051,519
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		1,080,872		26.30		28,426,946		26,602,675
Janus Henderson Balanced Portfolio - Service Shares		237,819		48.05		11,427,197		8,178,105
Janus Henderson Enterprise Portfolio - Service Shares		74,891		68.37		5,120,310		4,385,299
Janus Henderson Global Research Portfolio - Service Shares		8,493		59.02		501,264		366,793
Lincoln Hedged Nasdaq-100 Fund - Service Class		75,469		10.40		784,648		716,841
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		91,861		10.15		932,025		860,366
Lincoln Hedged S&P 500 Conservative Fund - Service Class		240,034		10.03		2,407,056		2,266,041
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		285,719		9.86		2,817,765		2,678,039
Lincoln Hedged S&P 500 Fund - Service Class		201,006		9.90		1,990,365		1,901,558
Lincoln Hedged S&P 500 Fund 2 - Service Class		212,928		9.93		2,114,806		2,013,719
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		108,438		10.85		1,176,449		1,082,634
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		15,485		10.65		164,949		154,078
Lincoln Opportunistic Hedged Equity Fund - Service Class		25,458		10.08		256,717		256,873
Lincoln S&P 500 Buffer Fund Feb - Service Class		220,338		10.31		2,272,123		2,108,977
Lincoln S&P 500 Buffer Fund May - Service Class		304,807		10.32		3,145,910		3,010,918
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		205,463		9.96		2,045,998		1,941,608
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		386,994		10.17		3,934,954		3,790,692
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		4,062,325		10.32		41,923,199		47,531,016
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		841,632		23.96		20,165,497		28,504,716
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		618,790		16.79		10,389,483		10,092,090
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		3,695,561		13.03		48,153,162		51,030,493
LVIP American Balanced Allocation Fund - Service Class		8,323,361		10.53		87,669,960		103,437,580
LVIP American Balanced Allocation Fund - Standard Class		1,444,400		10.56		15,247,086		17,733,868
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		36,079,384		13.14		474,191,340		459,449,948
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		3,047,675		9.92		30,242,075		34,060,179
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		42,661		9.93		423,583		461,912
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		6,999,006		9.84		68,870,221		79,423,325
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		43,800		9.85		431,478		498,686
LVIP American Global Growth Fund - Service Class II		13,918,545		22.99		319,973,427		291,496,693
LVIP American Global Small Capitalization Fund - Service Class II		5,583,061		10.18		56,857,895		74,384,288
LVIP American Growth Allocation Fund - Service Class		5,610,707		10.44		58,581,389		71,517,892
LVIP American Growth Allocation Fund - Standard Class		826,653		10.47		8,652,574		10,471,437
LVIP American Growth Fund - Service Class II		60,734,506		27.48		1,668,923,503		1,466,821,840
LVIP American Growth-Income Fund - Service Class II		50,062,151		25.64		1,283,393,295		1,064,533,140
LVIP American Income Allocation Fund - Standard Class		8,781		10.45		91,712		102,178
LVIP American International Fund - Service Class II		22,565,094		12.27		276,896,271		305,393,981
LVIP American Preservation Fund - Service Class		1,626,153		9.15		14,882,552		15,812,560

N-161

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
LVIP American Preservation Fund - Standard Class		27,172	$	9.15	$	248,620	$	270,834
LVIP Baron Growth Opportunities Fund - Service Class		4,321,245		71.99		311,099,401		253,537,227
LVIP Baron Growth Opportunities Fund - Standard Class		27,479		75.62		2,077,958		1,846,790
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		67,207,204		20.22		1,358,929,661		1,321,665,219
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class		16,321		20.30		331,365		334,226
LVIP BlackRock Global Allocation Fund - Service Class		71,809,757		11.49		824,735,062		804,156,731
LVIP BlackRock Global Allocation Fund - Standard Class		689,457		11.49		7,921,170		7,711,243
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		57,665,287		10.83		624,399,724		609,269,924
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		5,646		10.91		61,572		60,811
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class		31,115,262		11.73		365,013,135		358,029,867
LVIP BlackRock Inflation Protected Bond Fund - Service Class		83,727,919		9.14		764,938,267		857,508,083
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		1,164,744		9.14		10,645,760		11,715,495
LVIP BlackRock Real Estate Fund - Service Class		9,850,792		7.40		72,876,161		81,748,708
LVIP BlackRock Real Estate Fund - Standard Class		313,991		7.51		2,358,390		2,635,657
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		42,193,730		12.53		528,771,830		506,516,426
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		28,762,034		43.66		1,255,836,680		1,050,026,627
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		46,000		45.26		2,081,833		1,688,912
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		39,049,293		18.48		721,748,081		590,415,866
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		6,676		19.44		129,794		94,027
LVIP Channing Small Cap Value Fund - Service Class		545,155		11.34		6,179,335		5,681,698
LVIP Channing Small Cap Value Fund - Standard Class		54,981		11.36		624,473		566,417
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		29,553,087		15.25		450,655,021		365,414,060
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		4,952		15.29		75,708		60,024
LVIP Delaware Bond Fund - Service Class		323,408,402		11.72		3,791,316,692		4,376,818,566
LVIP Delaware Bond Fund - Standard Class		4,130,589		11.73		48,443,545		54,835,420
LVIP Delaware Diversified Floating Rate Fund - Service Class		67,315,220		9.69		652,351,799		674,160,058
LVIP Delaware Diversified Floating Rate Fund - Standard Class		517,609		9.69		5,017,699		5,118,961
LVIP Delaware Diversified Income Fund - Service Class		199,397,549		8.87		1,769,055,058		2,058,050,336
LVIP Delaware Diversified Income Fund - Standard Class		2,081,847		8.92		18,563,830		21,083,820
LVIP Delaware High Yield Fund - Service Class		18,219,858		4.23		77,051,779		87,556,850
LVIP Delaware High Yield Fund - Standard Class		538,887		4.23		2,278,412		2,440,096
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		98,834,998		9.24		913,334,220		966,325,269
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		380,451		9.29		3,535,915		3,663,957
LVIP Delaware Mid Cap Value Fund - Service Class		3,709,808		39.62		146,975,174		138,432,332
LVIP Delaware Mid Cap Value Fund - Standard Class		33,373		39.97		1,333,866		1,409,309
LVIP Delaware SMID Cap Core Fund - Service Class		6,817,869		23.15		157,820,039		153,091,823
LVIP Delaware SMID Cap Core Fund - Standard Class		209,070		25.56		5,344,029		4,846,581
LVIP Delaware Social Awareness Fund - Service Class		1,641,749		45.37		74,477,947		66,255,627
LVIP Delaware Social Awareness Fund - Standard Class		155,193		45.83		7,112,017		5,922,389
LVIP Delaware U.S. Growth Fund - Service Class		32,504,180		9.58		311,520,063		292,562,085
LVIP Delaware U.S. Growth Fund - Standard Class		47,353		10.56		500,235		460,962
LVIP Delaware U.S. REIT Fund - Service Class		8,279,020		13.20		109,266,502		108,550,109
LVIP Delaware U.S. REIT Fund - Standard Class		323,493		13.17		4,259,112		4,407,039
LVIP Delaware Value Fund - Service Class		9,891,857		25.22		249,472,634		260,414,566
LVIP Delaware Value Fund - Standard Class		179,132		25.24		4,520,756		4,869,141
LVIP Delaware Wealth Builder Fund - Service Class		1,408,814		11.23		15,822,391		16,742,499
LVIP Delaware Wealth Builder Fund - Standard Class		220,412		11.26		2,482,056		2,789,920
LVIP Dimensional International Core Equity Fund - Service Class		13,254,437		11.99		158,867,687		143,247,784
LVIP Dimensional International Core Equity Fund - Standard Class		1,617,129		12.01		19,428,186		17,725,571
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		50,598,565		10.10		511,045,511		476,729,955
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		234,529		10.11		2,371,091		2,155,377
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		6,410,624		41.96		269,002,589		228,930,295
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		619,668		42.35		26,243,562		23,627,247
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		9,331,764		19.25		179,673,779		143,477,197
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		1,104,337		19.29		21,307,083		17,732,071
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class		42,324,284		20.65		873,827,170		656,849,587
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		297,123		20.68		6,144,800		5,544,208
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		30,475,772		14.81		451,285,229		393,054,094
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		5,110		14.84		75,847		62,694

N-162

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		19,688,727	$	41.59	$	818,775,419	$	667,621,931
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class		292		41.59		12,134		11,793
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		15,856,917		7.33		116,294,629		134,529,492
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		554,882		7.33		4,067,282		4,582,155
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		14,448,365		8.05		116,309,335		112,598,161
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		239,156		8.05		1,924,490		1,837,023
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		24,261,964		12.29		298,155,270		305,555,578
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		477,888		12.33		5,891,884		6,259,566
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		15,191,478		11.48		174,367,780		185,141,512
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		687,490		11.51		7,911,639		8,366,568
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		23,614,071		10.55		249,152,066		252,630,980
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class		241,684		10.58		2,557,503		2,508,103
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		56,775,235		11.69		663,532,175		746,411,821
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		184,694		11.69		2,159,259		2,417,506
LVIP Global Growth Allocation Managed Risk Fund - Service Class		425,007,836		12.44		5,286,247,466		5,541,263,999
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		837,301		12.44		10,413,515		11,568,727
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		335,896,758		12.75		4,282,683,667		4,524,551,617
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		285,283		12.75		3,638,499		3,959,701
LVIP Government Money Market Fund - Service Class		70,347,388		10.00		703,473,876		703,474,080
LVIP Government Money Market Fund - Standard Class		4,693,950		10.00		46,939,499		46,939,516
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		31,799,611		12.61		400,834,090		356,153,838
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		6,796		12.63		85,840		74,050
LVIP JPMorgan Core Bond Fund - Service Class		29,370,756		9.75		286,276,763		306,322,081
LVIP JPMorgan Core Bond Fund - Standard Class		997,044		9.88		9,845,813		10,483,230
LVIP JPMorgan High Yield Fund - Service Class		19,280,236		9.73		187,519,575		200,798,944
LVIP JPMorgan High Yield Fund - Standard Class		550,041		9.73		5,351,898		5,601,965
LVIP JPMorgan Mid Cap Value Fund - Service Class		417,827		10.16		4,244,704		4,009,846
LVIP JPMorgan Mid Cap Value Fund - Standard Class		46,582		10.17		473,875		449,825
LVIP JPMorgan Retirement Income Fund - Service Class		1,651,368		12.00		19,821,369		20,376,046
LVIP JPMorgan Retirement Income Fund - Standard Class		100,858		12.01		1,211,703		1,346,398
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		28,112,194		17.67		496,658,132		441,352,067
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		9,165		17.85		163,570		153,364
LVIP JPMorgan Small Cap Core Fund - Service Class		364,565		19.61		7,148,385		6,618,630
LVIP JPMorgan Small Cap Core Fund - Standard Class		80,859		19.85		1,604,977		1,455,422
LVIP JPMorgan U.S. Equity Fund - Service Class		545,013		36.98		20,152,949		18,964,827
LVIP JPMorgan U.S. Equity Fund - Standard Class		9,821		37.63		369,520		350,689
LVIP Loomis Sayles Global Growth Fund - Service Class		269,446		14.99		4,038,727		3,821,799
LVIP Loomis Sayles Global Growth Fund - Standard Class		26,720		15.16		404,940		384,575
LVIP MFS International Equity Managed Volatility Fund - Service Class		45,276,835		12.36		559,666,959		509,982,823
LVIP MFS International Growth Fund - Service Class		14,246,855		19.22		273,881,543		246,360,203
LVIP MFS International Growth Fund - Standard Class		132,720		19.22		2,550,345		2,569,179
LVIP MFS Value Fund - Service Class		20,721,912		50.52		1,046,953,880		803,255,163
LVIP MFS Value Fund - Standard Class		137,453		50.61		6,955,829		6,576,736
LVIP Mondrian Global Income Fund - Service Class		41,551,485		9.51		395,154,622		464,740,644
LVIP Mondrian Global Income Fund - Standard Class		118,580		9.63		1,141,337		1,274,399
LVIP Mondrian International Value Fund - Service Class		13,828,452		16.58		229,317,225		219,248,736
LVIP Mondrian International Value Fund - Standard Class		453,860		16.60		7,532,718		7,210,460
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		6,411,098		13.45		86,242,089		73,173,475
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class		2,712		13.47		36,525		27,093
LVIP PIMCO Low Duration Bond Fund - Service Class		80,554,344		9.28		747,302,647		785,585,849
LVIP PIMCO Low Duration Bond Fund - Standard Class		1,349,537		9.28		12,526,400		13,205,630
LVIP SSGA Bond Index Fund - Service Class		77,817,716		10.01		779,033,159		864,187,783
LVIP SSGA Bond Index Fund - Standard Class		1,642,059		10.01		16,430,440		18,170,255
LVIP SSGA Conservative Index Allocation Fund - Service Class		5,628,343		13.19		74,220,954		74,068,236
LVIP SSGA Conservative Index Allocation Fund - Standard Class		362,189		13.20		4,779,086		5,183,740
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		1,434,563		9.99		14,328,413		16,382,172
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		284,917		10.02		2,853,444		3,100,527
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		49,496,457		11.14		551,489,524		569,600,636
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		220,043		11.14		2,451,503		2,619,086
LVIP SSGA International Index Fund - Service Class		24,456,683		10.46		255,890,279		219,103,967
LVIP SSGA International Index Fund - Standard Class		1,513,923		10.46		15,838,662		14,951,426

N-163

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
LVIP SSGA International Managed Volatility Fund - Service Class		27,793,820	$	9.48	$	263,513,208	$	242,815,782
LVIP SSGA International Managed Volatility Fund - Standard Class		5,218		9.47		49,431		46,969
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		53,057,009		15.32		812,886,430		746,734,920
LVIP SSGA Mid-Cap Index Fund - Service Class		14,067,137		12.24		172,125,492		173,294,513
LVIP SSGA Mid-Cap Index Fund - Standard Class		1,318,911		12.28		16,198,867		16,546,002
LVIP SSGA Moderate Index Allocation Fund - Service Class		15,689,459		15.75		247,093,293		223,803,148
LVIP SSGA Moderate Index Allocation Fund - Standard Class		286,540		15.76		4,516,722		4,643,120
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		13,523,750		16.56		223,926,246		198,705,716
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		371,803		16.60		6,173,416		5,787,545
LVIP SSGA Nasdaq-100 Index Fund - Service Class		2,195,529		11.89		26,100,446		22,634,718
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		245,978		11.91		2,929,595		2,536,594
LVIP SSGA S&P 500 Index Fund - Service Class		68,399,507		26.41		1,806,088,970		1,350,466,933
LVIP SSGA S&P 500 Index Fund - Standard Class		5,168,286		26.45		136,706,343		112,483,407
LVIP SSGA Short-Term Bond Index Fund - Service Class		20,496,102		9.85		201,866,109		206,321,125
LVIP SSGA Short-Term Bond Index Fund - Standard Class		1,156,980		9.87		11,424,021		11,571,186
LVIP SSGA Small-Cap Index Fund - Service Class		14,135,830		31.05		438,860,983		408,168,573
LVIP SSGA Small-Cap Index Fund - Standard Class		582,103		31.11		18,106,890		18,194,978
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		49,123,266		12.22		600,089,817		609,482,828
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		4,754		12.24		58,179		54,900
LVIP Structured Conservative Allocation Fund - Service Class		10,089,398		11.03		111,245,707		116,442,422
LVIP Structured Conservative Allocation Fund - Standard Class		97,638		11.03		1,076,559		1,195,180
LVIP Structured Moderate Allocation Fund - Service Class		41,382,784		12.27		507,683,994		502,000,284
LVIP Structured Moderate Allocation Fund - Standard Class		117,695		12.28		1,444,711		1,547,232
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		23,009,515		12.96		298,272,339		286,882,942
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		212,849		12.97		2,761,291		2,775,431
LVIP T. Rowe Price 2020 Fund - Service Class		801,438		9.03		7,236,986		8,029,069
LVIP T. Rowe Price 2030 Fund - Service Class		419,705		10.88		4,567,229		4,459,512
LVIP T. Rowe Price 2040 Fund - Service Class		421,840		11.30		4,766,365		4,182,864
LVIP T. Rowe Price Growth Stock Fund - Service Class		7,126,838		48.69		347,005,753		301,125,924
LVIP T. Rowe Price Growth Stock Fund - Standard Class		138,107		51.10		7,056,701		6,993,952
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		12,425,614		26.81		333,118,286		325,260,270
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		127,189		28.80		3,663,540		3,423,265
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		15,907,845		11.19		177,976,964		173,345,225
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		106,051		11.21		1,189,255		1,211,614
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class		151,128,018		11.32		1,711,071,418		1,628,378,606
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		235,369		11.34		2,668,611		2,771,209
LVIP Vanguard Bond Allocation Fund - Service Class		95,854,907		9.21		883,207,114		991,684,981
LVIP Vanguard Bond Allocation Fund - Standard Class		4,814,418		9.22		44,393,752		49,837,332
LVIP Vanguard Domestic Equity ETF Fund - Service Class		13,653,159		31.68		432,586,680		302,607,808
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		713,708		31.74		22,651,667		18,002,565
LVIP Vanguard International Equity ETF Fund - Service Class		23,792,657		11.70		278,255,126		265,392,630
LVIP Vanguard International Equity ETF Fund - Standard Class		2,077,127		11.71		24,331,463		24,089,449
LVIP Wellington Capital Growth Fund - Service Class		7,287,292		54.07		394,002,013		339,667,305
LVIP Wellington Capital Growth Fund - Standard Class		85,068		57.54		4,895,173		5,148,774
LVIP Wellington SMID Cap Value Fund - Service Class		5,544,323		25.19		139,644,867		135,002,576
LVIP Wellington SMID Cap Value Fund - Standard Class		57,479		25.37		1,457,962		1,502,421
LVIP Western Asset Core Bond Fund - Service Class		54,726,633		7.86		429,877,704		523,283,725
LVIP Western Asset Core Bond Fund - Standard Class		2,018,465		7.83		15,798,526		19,196,060
MFS®​ VIT Growth Series - Initial Class		81,053		60.29		4,886,672		4,429,443
MFS®​ VIT Growth Series - Service Class		4,185,755		55.68		233,062,846		226,839,530
MFS®​ VIT Total Return Series - Initial Class		234,031		23.26		5,443,560		5,669,253
MFS®​ VIT Total Return Series - Service Class		5,761,027		22.68		130,660,092		135,631,477
MFS®​ VIT Utilities Series - Initial Class		151,321		32.25		4,880,101		4,989,570
MFS®​ VIT Utilities Series - Service Class		4,577,635		31.54		144,378,608		143,176,467
MFS®​ VIT II Core Equity Portfolio - Service Class		56,443		27.15		1,532,433		1,373,780
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		60,615		29.40		1,782,085		1,811,517
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		1,134,999		28.83		32,722,035		32,437,342
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		245,848		6.11		1,502,129		1,853,026
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		1,392,500		6.04		8,410,698		9,999,528
Morgan Stanley VIF Growth Portfolio - Class II		239,134		10.13		2,422,425		3,711,665
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		926,948		15.76		14,608,696		13,644,344

N-164

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

5. Investments (continued)

Subaccount	Shares Owned		Net Asset Value		Fair Value of Shares		Cost of Shares
PIMCO VIT All Asset Portfolio - Advisor Class		518,682	$	9.20	$	4,771,872	$	5,200,647
PIMCO VIT All Asset Portfolio - Institutional Class		76,925		9.20		707,713		751,204
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		2,137,625		5.46		11,671,432		16,686,488
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		5,799		5.32		30,850		33,442
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		343,505		8.68		2,981,621		3,405,841
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		11,562		8.68		100,358		113,352
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		148,413		10.55		1,565,756		1,813,388
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		2,974		10.55		31,372		31,099
Putnam VT George Putnam Balanced Fund - Class IA		117,498		13.75		1,615,600		1,438,060
Putnam VT George Putnam Balanced Fund - Class IB		6,969,470		13.66		95,202,958		87,107,475
Putnam VT Global Health Care Fund - Class IA		72,833		17.10		1,245,451		1,198,970
Putnam VT Global Health Care Fund - Class IB		1,358,233		16.22		22,030,541		21,448,220
Putnam VT Income Fund - Class IA		94,252		8.40		791,717		992,070
Putnam VT Income Fund - Class IB		1,076,235		8.29		8,921,985		10,816,418
Putnam VT Large Cap Value Fund - Class IA		330,709		29.24		9,669,941		8,921,504
Putnam VT Large Cap Value Fund - Class IB		6,141,052		28.82		176,985,123		165,894,610
Putnam VT Sustainable Future Fund - Class IB		9,039		14.78		133,595		116,565
Putnam VT Sustainable Leaders Fund - Class IA		4,658		41.37		192,688		168,612
Putnam VT Sustainable Leaders Fund - Class IB		14,278		39.60		565,408		530,684
Templeton Foreign VIP Fund - Class 1		16,397		14.57		238,901		223,786
Templeton Foreign VIP Fund - Class 4		401,740		14.55		5,845,314		5,419,829
Templeton Global Bond VIP Fund - Class 1		210,389		13.57		2,854,973		3,154,772
Templeton Global Bond VIP Fund - Class 2		13,748,552		12.84		176,531,404		214,151,324
Templeton Global Bond VIP Fund - Class 4		1,264,372		13.13		16,601,199		19,522,908
Templeton Growth VIP Fund - Class 2		1,293,550		11.99		15,509,661		15,277,741
TOPS®​ Balanced ETF Portfolio - Service Class Shares		42,038		13.38		562,474		576,179
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		747,615		13.84		10,346,995		8,870,851
VanEck VIP Global Resources Fund - Class S Shares		217,115		25.42		5,519,070		5,624,921
VanEck VIP Global Resources Fund - Initial Class Shares		32,892		26.59		874,592		917,822
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		1,848,557		8.51		15,731,217		16,669,906
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		355,584		8.46		3,008,239		3,152,047

6. Changes in Units Outstanding

The change in units outstanding for the year ended December 31, 2023, is as follows:

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
AB VPS Discovery Value Portfolio - Class A		3,502		(5,788	)		(2,286	)
AB VPS Discovery Value Portfolio - Class B		447,711		(756,248	)		(308,537	)
AB VPS Large Cap Growth Portfolio - Class B		20,419		(44,566	)		(24,147	)
AB VPS Sustainable Global Thematic Portfolio - Class B		56,431		(202,676	)		(146,245	)
ALPS Global Opportunity Portfolio - Class I		1,562		(1,940	)		(378	)
ALPS Global Opportunity Portfolio - Class III		18,679		(195,959	)		(177,280	)
ALPS/Alerian Energy Infrastructure Portfolio - Class I		76,663		(24,347	)		52,316
ALPS/Alerian Energy Infrastructure Portfolio - Class III		305,910		(967,950	)		(662,040	)
American Century VP Balanced Fund - Class I		52,121		(21,066	)		31,055
American Century VP Balanced Fund - Class II		687,409		(789,125	)		(101,716	)
American Century VP Inflation Protection Fund - Class II		—		(118	)		(118	)
American Century VP Large Company Value Fund - Class I		108,570		(117,121	)		(8,551	)
American Century VP Large Company Value Fund - Class II		1,095,608		(1,696,220	)		(600,612	)
American Funds Asset Allocation Fund - Class 1		4,887		(64,521	)		(59,634	)
American Funds Asset Allocation Fund - Class 1A		411,377		(297,304	)		114,073
American Funds Asset Allocation Fund - Class 4		1,567,702		(2,373,736	)		(806,034	)
American Funds Capital Income Builder®​ - Class 1		279		(7,757	)		(7,478	)
American Funds Capital Income Builder®​ - Class 1A		39,694		(52,056	)		(12,362	)
American Funds Capital Income Builder®​ - Class 4		898,349		(828,235	)		70,114
American Funds Capital World Bond Fund - Class 1		10,258		(24,223	)		(13,965	)
American Funds Capital World Bond Fund - Class 1A		21,564		(16,987	)		4,577
American Funds Capital World Growth and Income Fund - Class 1		1,135		(5,434	)		(4,299	)
American Funds Capital World Growth and Income Fund - Class 1A		28,554		(33,714	)		(5,160	)

N-165

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
American Funds Global Balanced Fund - Class 1		26		(1,920	)		(1,894	)
American Funds Global Balanced Fund - Class 1A		6,065		(14,809	)		(8,744	)
American Funds Global Growth Fund - Class 1		2,033		(8,665	)		(6,632	)
American Funds Global Growth Fund - Class 1A		111,927		(104,871	)		7,056
American Funds Global Growth Fund - Class 2		201,805		(866,410	)		(664,605	)
American Funds Global Growth Fund - Class 4		1,047,534		(831,881	)		215,653
American Funds Global Small Capitalization Fund - Class 1		5,249		(5,748	)		(499	)
American Funds Global Small Capitalization Fund - Class 1A		40,282		(35,107	)		5,175
American Funds Global Small Capitalization Fund - Class 2		339,716		(1,171,184	)		(831,468	)
American Funds Global Small Capitalization Fund - Class 4		615,735		(213,587	)		402,148
American Funds Growth Fund - Class 1		13,752		(36,133	)		(22,381	)
American Funds Growth Fund - Class 1A		268,027		(259,906	)		8,121
American Funds Growth Fund - Class 2		1,173,261		(3,128,392	)		(1,955,131	)
American Funds Growth Fund - Class 4		7,054,809		(5,356,670	)		1,698,139
American Funds Growth-Income Fund - Class 1		1,117		(10,450	)		(9,333	)
American Funds Growth-Income Fund - Class 1A		221,281		(221,652	)		(371	)
American Funds Growth-Income Fund - Class 2		517,275		(5,008,407	)		(4,491,132	)
American Funds Growth-Income Fund - Class 4		2,149,943		(926,628	)		1,223,315
American Funds High-Income Trust - Class 1		4,572		(14,861	)		(10,289	)
American Funds High-Income Trust - Class 1A		103,187		(13,531	)		89,656
American Funds International Fund - Class 1		11,629		(9,242	)		2,387
American Funds International Fund - Class 1A		109,385		(106,646	)		2,739
American Funds International Fund - Class 2		562,508		(2,562,351	)		(1,999,843	)
American Funds International Fund - Class 4		686,871		(507,296	)		179,575
American Funds International Growth and Income Fund - Class 1		1,404		(6,412	)		(5,008	)
American Funds International Growth and Income Fund - Class 1A		88,553		(68,268	)		20,285
American Funds Managed Risk Asset Allocation Fund - Class P1		79,326		(66,941	)		12,385
American Funds Managed Risk Asset Allocation Fund - Class P2		185,060		(896,772	)		(711,712	)
American Funds Managed Risk Growth Fund - Class P1		65,970		(35,610	)		30,360
American Funds Managed Risk Growth-Income Fund - Class P1		11,094		(12,635	)		(1,541	)
American Funds Managed Risk International Fund - Class P1		25,781		(21,847	)		3,934
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		12,040		(34,155	)		(22,115	)
American Funds Mortgage Fund - Class 1		10,792		(19,667	)		(8,875	)
American Funds Mortgage Fund - Class 1A		50,082		(33,636	)		16,446
American Funds Mortgage Fund - Class 4		121,481		(174,778	)		(53,297	)
American Funds New World Fund®​ - Class 1		1,949		(25,447	)		(23,498	)
American Funds New World Fund®​ - Class 1A		74,944		(43,978	)		30,966
American Funds New World Fund®​ - Class 4		827,729		(347,707	)		480,022
American Funds The Bond Fund of America - Class 1		46,154		(63,179	)		(17,025	)
American Funds The Bond Fund of America - Class 1A		561,036		(89,646	)		471,390
American Funds U.S. Government Securities Fund - Class 1		3,549		(13,004	)		(9,455	)
American Funds U.S. Government Securities Fund - Class 1A		163,726		(88,311	)		75,415
American Funds Washington Mutual Investors Fund - Class 1		3,212		(76,106	)		(72,894	)
American Funds Washington Mutual Investors Fund - Class 1A		213,358		(144,541	)		68,817
American Funds Washington Mutual Investors Fund - Class 4		1,363,320		(583,904	)		779,416
ClearBridge Variable Aggressive Growth Portfolio - Class I		1,866		(4,933	)		(3,067	)
ClearBridge Variable Aggressive Growth Portfolio - Class II		50,623		(220,446	)		(169,823	)
ClearBridge Variable Large Cap Growth Portfolio - Class I		110,003		(53,411	)		56,592
ClearBridge Variable Large Cap Growth Portfolio - Class II		2,230,115		(1,244,344	)		985,771
ClearBridge Variable Mid Cap Portfolio - Class I		41,770		(50,009	)		(8,239	)
ClearBridge Variable Mid Cap Portfolio - Class II		302,338		(339,583	)		(37,245	)
Columbia VP Commodity Strategy Fund - Class 1		28,173		(84,121	)		(55,948	)
Columbia VP Commodity Strategy Fund - Class 2		104,478		(694,064	)		(589,586	)
Columbia VP Emerging Markets Bond Fund - Class 1		55,054		(20,541	)		34,513
Columbia VP Emerging Markets Bond Fund - Class 2		48,341		(64,990	)		(16,649	)
Columbia VP Strategic Income Fund - Class 1		45,682		(47,536	)		(1,854	)
Columbia VP Strategic Income Fund - Class 2		272,225		(318,844	)		(46,619	)
Delaware Ivy VIP Asset Strategy Portfolio - Class I		1,381		(220	)		1,161
Delaware Ivy VIP Asset Strategy Portfolio - Class II		70,540		(53,744	)		16,796
Delaware Ivy VIP Energy Portfolio - Class I		61,405		(60,582	)		823
Delaware Ivy VIP Energy Portfolio - Class II		2,011,524		(4,218,225	)		(2,206,701	)
Delaware Ivy VIP High Income Portfolio - Class I		86,664		(20,550	)		66,114

N-166

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
Delaware Ivy VIP High Income Portfolio - Class II		261,872		(351,300	)		(89,428	)
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		26,123		(43,936	)		(17,813	)
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		444,266		(241,735	)		202,531
Delaware Ivy VIP Science and Technology Portfolio - Class I		31,892		(18,129	)		13,763
Delaware Ivy VIP Science and Technology Portfolio - Class II		380,749		(415,906	)		(35,157	)
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		7,244		(3,432	)		3,812
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		258,447		(106,917	)		151,530
Delaware VIP®​ Emerging Markets Series - Service Class		479,761		(1,404,879	)		(925,118	)
Delaware VIP®​ Emerging Markets Series - Standard Class		25,020		(50,124	)		(25,104	)
Delaware VIP®​ International Series - Standard Class		15		(322	)		(307	)
Delaware VIP®​ Small Cap Value Series - Service Class		1,297,870		(1,031,565	)		266,305
Delaware VIP®​ Small Cap Value Series - Standard Class		32,393		(54,166	)		(21,773	)
DWS Alternative Asset Allocation VIP Portfolio - Class A		5,271		(8,790	)		(3,519	)
DWS Alternative Asset Allocation VIP Portfolio - Class B		176,162		(479,795	)		(303,633	)
DWS Equity 500 Index VIP Portfolio - Class A		1,128		(23,069	)		(21,941	)
DWS Small Cap Index VIP Portfolio - Class A		1,097		(7,886	)		(6,789	)
Eaton Vance VT Floating-Rate Income Fund - ADV Class		208,727		(77,672	)		131,055
Eaton Vance VT Floating-Rate Income Fund - Initial Class		2,340,717		(2,721,046	)		(380,329	)
Fidelity®​ VIP Balanced Portfolio - Initial Class		191,213		(107,316	)		83,897
Fidelity®​ VIP Balanced Portfolio - Service Class 2		6,827,776		(977,588	)		5,850,188
Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class		2,420		(2,420	)		—
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2		14,572		(495	)		14,077
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2		25,510		(2,865	)		22,645
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		92,327		(53,901	)		38,426
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		4,342,006		(6,484,873	)		(2,142,867	)
Fidelity®​ VIP Financials Portfolio - Initial Class		8,075		(1,075	)		7,000
Fidelity®​ VIP Financials Portfolio - Service Class 2		9,214		(2,455	)		6,759
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		11,648		(12,437	)		(789	)
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		138,363		(246,093	)		(107,730	)
Fidelity®​ VIP Growth Portfolio - Initial Class		42,383		(66,587	)		(24,204	)
Fidelity®​ VIP Growth Portfolio - Service Class 2		4,339,461		(4,074,240	)		265,221
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		27,273		(57,627	)		(30,354	)
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		833,658		(1,153,595	)		(319,937	)
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		183,472		(147,183	)		36,289
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		942,805		(315,917	)		626,888
Fidelity®​ VIP Technology Portfolio - Initial Class		52,633		(786	)		51,847
Fidelity®​ VIP Technology Portfolio - Service Class 2		448,204		(5,578	)		442,626
First Trust Capital Strength Hedged Equity Portfolio - Class I		233,985		(57,802	)		176,183
First Trust Capital Strength Portfolio - Class I		3,209,113		(1,475,284	)		1,733,829
First Trust Capital Strength Portfolio - Class II		27,771		(54,049	)		(26,278	)
First Trust Dorsey Wright Tactical Core Portfolio - Class I		54,961		(170,787	)		(115,826	)
First Trust Dorsey Wright Tactical Core Portfolio - Class II		5,401		(26,674	)		(21,273	)
First Trust Growth Strength Portfolio - Class I		546,770		(32,352	)		514,418
First Trust International Developed Capital Strength Portfolio - Class I		489,655		(120,292	)		369,363
First Trust International Developed Capital Strength Portfolio - Class II		18,896		(14,370	)		4,526
First Trust Multi Income Allocation Portfolio - Class I		42,307		(249,766	)		(207,459	)
First Trust Multi Income Allocation Portfolio - Class II		629		(1	)		628
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		886,354		(2,313,385	)		(1,427,031	)
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		3,495		(13,576	)		(10,081	)
Franklin Allocation VIP Fund - Class 1		4,282		(4,282	)		—
Franklin Allocation VIP Fund - Class 4		493,678		(196,933	)		296,745
Franklin Income VIP Fund - Class 1		4,773		(15,738	)		(10,965	)
Franklin Income VIP Fund - Class 2		627,976		(2,105,167	)		(1,477,191	)
Franklin Income VIP Fund - Class 4		1,664,289		(1,011,080	)		653,209
Franklin Multi-Asset Variable Conservative Growth - Class I		—		(41	)		(41	)
Franklin Multi-Asset Variable Conservative Growth - Class II		241,879		(120,601	)		121,278
Franklin Mutual Shares VIP Fund - Class 1		205		(2,438	)		(2,233	)
Franklin Mutual Shares VIP Fund - Class 2		455,929		(3,145,093	)		(2,689,164	)
Franklin Mutual Shares VIP Fund - Class 4		418,088		(340,214	)		77,874
Franklin Rising Dividends VIP Fund - Class 1		29,700		(34,648	)		(4,948	)
Franklin Rising Dividends VIP Fund - Class 4		611,987		(381,045	)		230,942
Franklin Small Cap Value VIP Fund - Class 1		54,252		(82,068	)		(27,816	)

N-167

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
Franklin Small Cap Value VIP Fund - Class 4		394,713		(202,077	)		192,636
Franklin Small-Mid Cap Growth VIP Fund - Class 1		38,508		(8,035	)		30,473
Franklin Small-Mid Cap Growth VIP Fund - Class 4		184,836		(106,785	)		78,051
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		42,612		(82,932	)		(40,320	)
Goldman Sachs VIT Government Money Market Fund - Service Shares		821,876		(1,189,485	)		(367,609	)
Goldman Sachs VIT Large Cap Value Fund - Service Shares		89,675		(345,034	)		(255,359	)
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		63,258		(42,378	)		20,880
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		2,012		(7,943	)		(5,931	)
Guggenheim VT Long Short Equity		89,592		(86,100	)		3,492
Guggenheim VT Multi-Hedge Strategies		113,446		(290,601	)		(177,155	)
Hartford Capital Appreciation HLS Fund - Class IA		6		—			6
Hartford Capital Appreciation HLS Fund - Class IC		37,471		(131,994	)		(94,523	)
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		14,669		(44,728	)		(30,059	)
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		194,612		(198,250	)		(3,638	)
Invesco V.I. American Franchise Fund - Series I Shares		283		(12,665	)		(12,382	)
Invesco V.I. American Franchise Fund - Series II Shares		473		(3,755	)		(3,282	)
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		21		(46,187	)		(46,166	)
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		29,685		(88,110	)		(58,425	)
Invesco V.I. Comstock Fund - Series I Shares		40,710		(55,310	)		(14,600	)
Invesco V.I. Comstock Fund - Series II Shares		297,093		(747,925	)		(450,832	)
Invesco V.I. Core Equity Fund - Series I Shares		5,265		(28,603	)		(23,338	)
Invesco V.I. Core Equity Fund - Series II Shares		2,269		(10,376	)		(8,107	)
Invesco V.I. Diversified Dividend Fund - Series I Shares		14,597		(33,773	)		(19,176	)
Invesco V.I. Diversified Dividend Fund - Series II Shares		126,545		(359,684	)		(233,139	)
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares		24,937		(172,084	)		(147,147	)
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		1,270,544		(1,834,071	)		(563,527	)
Invesco V.I. Equity and Income Fund - Series I Shares		4,864		(10,528	)		(5,664	)
Invesco V.I. Equity and Income Fund - Series II Shares		278,084		(156,055	)		122,029
Invesco V.I. EQV International Equity Fund - Series I Shares		22,709		(64,018	)		(41,309	)
Invesco V.I. EQV International Equity Fund - Series II Shares		184,900		(406,128	)		(221,228	)
Invesco V.I. Global Fund - Series II Shares		10,033		(39,620	)		(29,587	)
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		76,150		(14,850	)		61,300
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		355,896		(144,534	)		211,362
Janus Henderson Balanced Portfolio - Service Shares		8,932		(64,228	)		(55,296	)
Janus Henderson Enterprise Portfolio - Service Shares		23,475		(15,922	)		7,553
Janus Henderson Global Research Portfolio - Service Shares		3,453		(2,964	)		489
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2		20,465		(357,938	)		(337,473	)
JPMorgan Insurance Trust Income Builder Portfolio - Class 1		—		(33,779	)		(33,779	)
JPMorgan Insurance Trust Income Builder Portfolio - Class 2		4,491		(362,995	)		(358,504	)
Lincoln Hedged Nasdaq-100 Fund - Service Class		87,925		(107,476	)		(19,551	)
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		49,627		(3,427	)		46,200
Lincoln Hedged S&P 500 Conservative Fund - Service Class		197,987		(346,970	)		(148,983	)
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		162,718		(62,673	)		100,045
Lincoln Hedged S&P 500 Fund - Service Class		138,874		(71,151	)		67,723
Lincoln Hedged S&P 500 Fund 2 - Service Class		85,596		(10,343	)		75,253
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		57,270		(2,108	)		55,162
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		4,723		(33,580	)		(28,857	)
Lincoln Opportunistic Hedged Equity Fund - Service Class		25,460		—			25,460
Lincoln S&P 500 Buffer Fund Feb - Service Class		136,092		(67,044	)		69,048
Lincoln S&P 500 Buffer Fund May - Service Class		200,830		(37,315	)		163,515
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		107,407		(7,619	)		99,788
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		374,554		(256,266	)		118,288
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		562,804		(603,637	)		(40,833	)
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		295,988		(457,798	)		(161,810	)
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		12,976		(37,888	)		(24,912	)
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		2,116,307		(2,337,074	)		(220,767	)
LVIP American Balanced Allocation Fund - Service Class		864,253		(933,988	)		(69,735	)
LVIP American Balanced Allocation Fund - Standard Class		82,918		(72,521	)		10,397
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		1,044,625		(1,631,498	)		(586,873	)
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		63,768		(342,040	)		(278,272	)
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		16		(1,045	)		(1,029	)
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		116,533		(919,076	)		(802,543	)

N-168

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		134		(411	)		(277	)
LVIP American Global Growth Fund - Service Class II		343,139		(829,077	)		(485,938	)
LVIP American Global Small Capitalization Fund - Service Class II		124,199		(350,157	)		(225,958	)
LVIP American Growth Allocation Fund - Service Class		653,865		(602,577	)		51,288
LVIP American Growth Allocation Fund - Standard Class		64,278		(32,706	)		31,572
LVIP American Growth Fund - Service Class II		1,886,096		(2,059,448	)		(173,352	)
LVIP American Growth-Income Fund - Service Class II		1,929,082		(1,533,829	)		395,253
LVIP American Income Allocation Fund - Standard Class		147		(9,332	)		(9,185	)
LVIP American International Fund - Service Class II		763,320		(1,581,476	)		(818,156	)
LVIP American Preservation Fund - Service Class		564,516		(877,171	)		(312,655	)
LVIP American Preservation Fund - Standard Class		996		(1,510	)		(514	)
LVIP Baron Growth Opportunities Fund - Service Class		650,544		(511,840	)		138,704
LVIP Baron Growth Opportunities Fund - Standard Class		46,548		(29,072	)		17,476
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		1,733,272		(5,492,359	)		(3,759,087	)
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class		353		(1,184	)		(831	)
LVIP BlackRock Global Allocation Fund - Service Class		183,876		(5,002,666	)		(4,818,790	)
LVIP BlackRock Global Allocation Fund - Standard Class		61,340		(58,002	)		3,338
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		242,235		(7,394,012	)		(7,151,777	)
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		148		(297	)		(149	)
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class		629,544		(2,816,034	)		(2,186,490	)
LVIP BlackRock Inflation Protected Bond Fund - Service Class		2,041,721		(8,778,755	)		(6,737,034	)
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		136,392		(546,877	)		(410,485	)
LVIP BlackRock Real Estate Fund - Service Class		422,370		(1,109,901	)		(687,531	)
LVIP BlackRock Real Estate Fund - Standard Class		45,967		(53,813	)		(7,846	)
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		1,345,728		(3,024,397	)		(1,678,669	)
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		990,291		(5,574,599	)		(4,584,308	)
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		6,743		(18,157	)		(11,414	)
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		556,197		(3,913,270	)		(3,357,073	)
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		27		(257	)		(230	)
LVIP Channing Small Cap Value Fund - Service Class		639,603		(73,168	)		566,435
LVIP Channing Small Cap Value Fund - Standard Class		67,168		(8,016	)		59,152
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		143,330		(4,279,711	)		(4,136,381	)
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		—		(398	)		(398	)
LVIP Delaware Bond Fund - Service Class		18,045,688		(13,601,840	)		4,443,848
LVIP Delaware Bond Fund - Standard Class		218,456		(554,457	)		(336,001	)
LVIP Delaware Diversified Floating Rate Fund - Service Class		3,045,959		(8,260,090	)		(5,214,131	)
LVIP Delaware Diversified Floating Rate Fund - Standard Class		147,501		(421,703	)		(274,202	)
LVIP Delaware Diversified Income Fund - Service Class		4,700,963		(5,527,951	)		(826,988	)
LVIP Delaware Diversified Income Fund - Standard Class		258,995		(144,352	)		114,643
LVIP Delaware High Yield Fund - Service Class		496,525		(377,432	)		119,093
LVIP Delaware High Yield Fund - Standard Class		68,515		(22,043	)		46,472
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		2,437,407		(8,494,529	)		(6,057,122	)
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		163,846		(131,454	)		32,392
LVIP Delaware Mid Cap Value Fund - Service Class		515,884		(649,845	)		(133,961	)
LVIP Delaware Mid Cap Value Fund - Standard Class		39,779		(86,564	)		(46,785	)
LVIP Delaware SMID Cap Core Fund - Service Class		402,655		(297,179	)		105,476
LVIP Delaware SMID Cap Core Fund - Standard Class		27,644		(20,827	)		6,817
LVIP Delaware Social Awareness Fund - Service Class		153,739		(253,714	)		(99,975	)
LVIP Delaware Social Awareness Fund - Standard Class		24,200		(17,685	)		6,515
LVIP Delaware U.S. Growth Fund - Service Class		203,579		(1,283,927	)		(1,080,348	)
LVIP Delaware U.S. Growth Fund - Standard Class		12,366		(1,585	)		10,781
LVIP Delaware U.S. REIT Fund - Service Class		340,972		(528,346	)		(187,374	)
LVIP Delaware U.S. REIT Fund - Standard Class		36,257		(44,203	)		(7,946	)
LVIP Delaware Value Fund - Service Class		489,548		(997,314	)		(507,766	)
LVIP Delaware Value Fund - Standard Class		12,355		(41,848	)		(29,493	)
LVIP Delaware Wealth Builder Fund - Service Class		190,760		(224,427	)		(33,667	)
LVIP Delaware Wealth Builder Fund - Standard Class		8,086		(18,487	)		(10,401	)
LVIP Dimensional International Core Equity Fund - Service Class		862,566		(1,244,685	)		(382,119	)
LVIP Dimensional International Core Equity Fund - Standard Class		184,502		(178,255	)		6,247
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		824,626		(5,307,260	)		(4,482,634	)
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		26,307		(33,545	)		(7,238	)
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		901,117		(587,201	)		313,916

N-169

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		171,614		(131,769	)		39,845
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		1,301,798		(817,643	)		484,155
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		186,771		(165,889	)		20,882
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class		792,678		(3,861,399	)		(3,068,721	)
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		66,121		(32,831	)		33,290
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		712,199		(3,358,432	)		(2,646,233	)
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		—		(438	)		(438	)
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		479,828		(7,671,665	)		(7,191,837	)
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class		713		(5	)		708
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		121,049		(1,437,490	)		(1,316,441	)
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		71,977		(109,443	)		(37,466	)
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		101,924		(1,594,313	)		(1,492,389	)
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		103,127		(68,423	)		34,704
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		321,855		(1,427,689	)		(1,105,834	)
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		57,633		(200,834	)		(143,201	)
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		444,927		(727,995	)		(283,068	)
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		78,150		(218,154	)		(140,004	)
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		2,975,312		(856,835	)		2,118,477
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class		16,877		(32,560	)		(15,683	)
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		489,074		(5,830,212	)		(5,341,138	)
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		25,242		(7,682	)		17,560
LVIP Global Growth Allocation Managed Risk Fund - Service Class		—		(41,302,970	)		(41,302,970	)
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		69,035		(65,389	)		3,646
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		193,857		(31,731,747	)		(31,537,890	)
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		61,838		(156,260	)		(94,422	)
LVIP Government Money Market Fund - Service Class		39,673,884		(33,989,238	)		5,684,646
LVIP Government Money Market Fund - Standard Class		2,311,212		(2,499,594	)		(188,382	)
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		487,785		(3,426,905	)		(2,939,120	)
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		122		(232	)		(110	)
LVIP JPMorgan Core Bond Fund - Service Class		8,942,615		(436,795	)		8,505,820
LVIP JPMorgan Core Bond Fund - Standard Class		421,234		(126,431	)		294,803
LVIP JPMorgan High Yield Fund - Service Class		1,370,999		(2,049,057	)		(678,058	)
LVIP JPMorgan High Yield Fund - Standard Class		129,399		(210,500	)		(81,101	)
LVIP JPMorgan Mid Cap Value Fund - Service Class		389,208		(10,076	)		379,132
LVIP JPMorgan Mid Cap Value Fund - Standard Class		42,642		(593	)		42,049
LVIP JPMorgan Retirement Income Fund - Service Class		328,166		(295,159	)		33,007
LVIP JPMorgan Retirement Income Fund - Standard Class		40		(939	)		(899	)
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		797,024		(3,255,621	)		(2,458,597	)
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		184		(466	)		(282	)
LVIP JPMorgan Small Cap Core Fund - Service Class		667,557		(35,285	)		632,272
LVIP JPMorgan Small Cap Core Fund - Standard Class		143,654		(2,596	)		141,058
LVIP JPMorgan U.S. Equity Fund - Service Class		1,768,776		(23,741	)		1,745,035
LVIP JPMorgan U.S. Equity Fund - Standard Class		34,994		(3,231	)		31,763
LVIP Loomis Sayles Global Growth Fund - Service Class		232,883		(111,555	)		121,328
LVIP Loomis Sayles Global Growth Fund - Standard Class		28,920		(18,377	)		10,543
LVIP MFS International Equity Managed Volatility Fund - Service Class		1,430,533		(4,365,308	)		(2,934,775	)
LVIP MFS International Growth Fund - Service Class		1,092,821		(1,487,505	)		(394,684	)
LVIP MFS International Growth Fund - Standard Class		21,250		(19,087	)		2,163
LVIP MFS Value Fund - Service Class		1,498,309		(2,698,333	)		(1,200,024	)
LVIP MFS Value Fund - Standard Class		46,522		(103,738	)		(57,216	)
LVIP Mondrian Global Income Fund - Service Class		1,432,572		(3,308,986	)		(1,876,414	)
LVIP Mondrian Global Income Fund - Standard Class		15,157		(23,481	)		(8,324	)
LVIP Mondrian International Value Fund - Service Class		540,129		(2,252,633	)		(1,712,504	)
LVIP Mondrian International Value Fund - Standard Class		24,504		(44,647	)		(20,143	)
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		553,739		(1,009,244	)		(455,505	)
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class		—		(1,201	)		(1,201	)
LVIP PIMCO Low Duration Bond Fund - Service Class		8,096,259		(10,082,379	)		(1,986,120	)
LVIP PIMCO Low Duration Bond Fund - Standard Class		164,718		(233,185	)		(68,467	)
LVIP SSGA Bond Index Fund - Service Class		3,774,245		(4,383,752	)		(609,507	)
LVIP SSGA Bond Index Fund - Standard Class		497,068		(398,492	)		98,576
LVIP SSGA Conservative Index Allocation Fund - Service Class		506,244		(745,539	)		(239,295	)
LVIP SSGA Conservative Index Allocation Fund - Standard Class		24,782		(37,862	)		(13,080	)

N-170

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		245,840		(237,163	)		8,677
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		135,783		(72,062	)		63,721
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		420,935		(4,738,109	)		(4,317,174	)
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		36,742		(21,094	)		15,648
LVIP SSGA International Index Fund - Service Class		971,377		(2,736,356	)		(1,764,979	)
LVIP SSGA International Index Fund - Standard Class		255,162		(182,398	)		72,764
LVIP SSGA International Managed Volatility Fund - Service Class		404,414		(5,099,152	)		(4,694,738	)
LVIP SSGA International Managed Volatility Fund - Standard Class		560		(2,818	)		(2,258	)
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		1,225,355		(4,137,124	)		(2,911,769	)
LVIP SSGA Mid-Cap Index Fund - Service Class		1,437,253		(806,751	)		630,502
LVIP SSGA Mid-Cap Index Fund - Standard Class		147,332		(72,059	)		75,273
LVIP SSGA Moderate Index Allocation Fund - Service Class		1,392,512		(1,527,845	)		(135,333	)
LVIP SSGA Moderate Index Allocation Fund - Standard Class		7,472		(62,419	)		(54,947	)
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		1,302,415		(1,209,213	)		93,202
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		12,405		(15,743	)		(3,338	)
LVIP SSGA Nasdaq-100 Index Fund - Service Class		1,694,840		(360,917	)		1,333,923
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		260,157		(72,934	)		187,223
LVIP SSGA S&P 500 Index Fund - Service Class		4,334,167		(3,660,727	)		673,440
LVIP SSGA S&P 500 Index Fund - Standard Class		638,394		(406,769	)		231,625
LVIP SSGA Short-Term Bond Index Fund - Service Class		4,227,193		(3,496,914	)		730,279
LVIP SSGA Short-Term Bond Index Fund - Standard Class		530,087		(240,268	)		289,819
LVIP SSGA Small-Cap Index Fund - Service Class		1,989,799		(1,232,425	)		757,374
LVIP SSGA Small-Cap Index Fund - Standard Class		251,833		(247,038	)		4,795
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		3,089,557		(3,006,165	)		83,392
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		930		(324	)		606
LVIP Structured Conservative Allocation Fund - Service Class		133,918		(1,256,190	)		(1,122,272	)
LVIP Structured Conservative Allocation Fund - Standard Class		188		(20,124	)		(19,936	)
LVIP Structured Moderate Allocation Fund - Service Class		222,713		(4,209,203	)		(3,986,490	)
LVIP Structured Moderate Allocation Fund - Standard Class		89		(915	)		(826	)
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		220,145		(1,984,330	)		(1,764,185	)
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		32,857		(8,988	)		23,869
LVIP T. Rowe Price 2020 Fund - Service Class		13,023		(29,010	)		(15,987	)
LVIP T. Rowe Price 2030 Fund - Service Class		52,062		(28,081	)		23,981
LVIP T. Rowe Price 2040 Fund - Service Class		3,561		(18,721	)		(15,160	)
LVIP T. Rowe Price Growth Stock Fund - Service Class		701,573		(1,707,106	)		(1,005,533	)
LVIP T. Rowe Price Growth Stock Fund - Standard Class		74,890		(44,482	)		30,408
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		609,740		(509,231	)		100,509
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		11,084		(19,433	)		(8,349	)
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		1,493,015		(1,273,849	)		219,166
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		9,508		(7,199	)		2,309
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class		4,218,712		(7,279,802	)		(3,061,090	)
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		2,958		(32,881	)		(29,923	)
LVIP Vanguard Bond Allocation Fund - Service Class		9,542,006		(2,600,437	)		6,941,569
LVIP Vanguard Bond Allocation Fund - Standard Class		859,000		(346,331	)		512,669
LVIP Vanguard Domestic Equity ETF Fund - Service Class		1,211,483		(1,249,650	)		(38,167	)
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		110,946		(100,544	)		10,402
LVIP Vanguard International Equity ETF Fund - Service Class		1,638,648		(1,567,019	)		71,629
LVIP Vanguard International Equity ETF Fund - Standard Class		179,536		(202,740	)		(23,204	)
LVIP Wellington Capital Growth Fund - Service Class		208,834		(1,587,866	)		(1,379,032	)
LVIP Wellington Capital Growth Fund - Standard Class		15,749		(23,531	)		(7,782	)
LVIP Wellington SMID Cap Value Fund - Service Class		569,364		(716,916	)		(147,552	)
LVIP Wellington SMID Cap Value Fund - Standard Class		49,252		(67,750	)		(18,498	)
LVIP Western Asset Core Bond Fund - Service Class		7,142,177		(2,266,973	)		4,875,204
LVIP Western Asset Core Bond Fund - Standard Class		214,420		(213,132	)		1,288
MFS®​ VIT Growth Series - Initial Class		9,380		(44,474	)		(35,094	)
MFS®​ VIT Growth Series - Service Class		223,558		(738,475	)		(514,917	)
MFS®​ VIT Total Return Series - Initial Class		15,136		(22,799	)		(7,663	)
MFS®​ VIT Total Return Series - Service Class		425,911		(491,135	)		(65,224	)
MFS®​ VIT Utilities Series - Initial Class		45,251		(33,215	)		12,036
MFS®​ VIT Utilities Series - Service Class		381,661		(875,506	)		(493,845	)
MFS®​ VIT II Core Equity Portfolio - Service Class		1,854		(9,645	)		(7,791	)
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		44,816		(62,196	)		(17,380	)

N-171

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		164,302		(440,818	)		(276,516	)
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		13,351		(2,694	)		10,657
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		129,369		(352,476	)		(223,107	)
Morgan Stanley VIF Growth Portfolio - Class II		17,366		(15,709	)		1,657
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		24,181		(65,934	)		(41,753	)
PIMCO VIT All Asset Portfolio - Advisor Class		237,518		(353,427	)		(115,909	)
PIMCO VIT All Asset Portfolio - Institutional Class		35,435		(1,572	)		33,863
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		383,128		(881,514	)		(498,386	)
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		12,057		(15,528	)		(3,471	)
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		14,213		(72,997	)		(58,784	)
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		3,332		(3,567	)		(235	)
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		6,939		(11,794	)		(4,855	)
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		11,986		(12,055	)		(69	)
Putnam VT George Putnam Balanced Fund - Class IA		8,632		(4,117	)		4,515
Putnam VT George Putnam Balanced Fund - Class IB		516,212		(678,983	)		(162,771	)
Putnam VT Global Health Care Fund - Class IA		36,009		(29,259	)		6,750
Putnam VT Global Health Care Fund - Class IB		194,851		(242,603	)		(47,752	)
Putnam VT Income Fund - Class IA		14,811		(7,702	)		7,109
Putnam VT Income Fund - Class IB		85,768		(187,482	)		(101,714	)
Putnam VT Large Cap Value Fund - Class IA		175,697		(203,400	)		(27,703	)
Putnam VT Large Cap Value Fund - Class IB		2,498,649		(1,585,088	)		913,561
Putnam VT Multi-Asset Absolute Return Fund - Class IA		5		(15,856	)		(15,851	)
Putnam VT Multi-Asset Absolute Return Fund - Class IB		48,441		(356,869	)		(308,428	)
Putnam VT Sustainable Future Fund - Class IB		21,214		(11,763	)		9,451
Putnam VT Sustainable Leaders Fund - Class IA		16,791		(211	)		16,580
Putnam VT Sustainable Leaders Fund - Class IB		57,081		(5,580	)		51,501
Templeton Foreign VIP Fund - Class 1		10,565		(7,521	)		3,044
Templeton Foreign VIP Fund - Class 4		285,288		(163,473	)		121,815
Templeton Global Bond VIP Fund - Class 1		67,060		(82,101	)		(15,041	)
Templeton Global Bond VIP Fund - Class 2		468,192		(1,216,506	)		(748,314	)
Templeton Global Bond VIP Fund - Class 4		167,549		(288,389	)		(120,840	)
Templeton Growth VIP Fund - Class 2		96,878		(169,728	)		(72,850	)
TOPS®​ Balanced ETF Portfolio - Service Class Shares		510		(848	)		(338	)
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		5,331		(56,456	)		(51,125	)
VanEck VIP Global Resources Fund - Class S Shares		347,700		(905,527	)		(557,827	)
VanEck VIP Global Resources Fund - Initial Class Shares		25,153		(18,756	)		6,397
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		291,829		(306,420	)		(14,591	)
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		136,097		(33,887	)		102,210

The change in units outstanding for the year ended December 31, 2022, is as follows:

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
AB VPS Discovery Value Portfolio - Class A		4,551		(8,233	)		(3,682	)
AB VPS Discovery Value Portfolio - Class B		395,786		(677,802	)		(282,016	)
AB VPS Large Cap Growth Portfolio - Class B		40,411		(31,278	)		9,133
AB VPS Sustainable Global Thematic Portfolio - Class B		172,899		(221,397	)		(48,498	)
ALPS Global Opportunity Portfolio - Class I		5,665		(2,543	)		3,122
ALPS Global Opportunity Portfolio - Class III		99,117		(177,001	)		(77,884	)
ALPS/Alerian Energy Infrastructure Portfolio - Class I		78,690		(18,007	)		60,683
ALPS/Alerian Energy Infrastructure Portfolio - Class III		947,055		(1,170,286	)		(223,231	)
American Century VP Balanced Fund - Class I		3,208		(4,748	)		(1,540	)
American Century VP Balanced Fund - Class II		952,171		(853,730	)		98,441
American Century VP Inflation Protection Fund - Class II		—		(124	)		(124	)
American Century VP Large Company Value Fund - Class I		192,262		(120,965	)		71,297
American Century VP Large Company Value Fund - Class II		4,034,649		(750,492	)		3,284,157
American Funds Asset Allocation Fund - Class 1		111,086		(65,374	)		45,712
American Funds Asset Allocation Fund - Class 1A		512,374		(105,583	)		406,791
American Funds Asset Allocation Fund - Class 4		3,087,507		(2,108,317	)		979,190
American Funds Capital Income Builder®​ - Class 1		3,316		(4,257	)		(941	)
American Funds Capital Income Builder®​ - Class 1A		165,180		(91,710	)		73,470
American Funds Capital Income Builder®​ - Class 4		1,286,490		(1,160,870	)		125,620

N-172

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
American Funds Capital World Bond Fund - Class 1		14,973		(19,440	)		(4,467	)
American Funds Capital World Bond Fund - Class 1A		46,620		(38,042	)		8,578
American Funds Capital World Growth and Income Fund - Class 1		885		(2,680	)		(1,795	)
American Funds Capital World Growth and Income Fund - Class 1A		66,158		(72,747	)		(6,589	)
American Funds Global Balanced Fund - Class 1		4,420		(1,589	)		2,831
American Funds Global Balanced Fund - Class 1A		4,538		(56,926	)		(52,388	)
American Funds Global Growth Fund - Class 1		3,043		(27,030	)		(23,987	)
American Funds Global Growth Fund - Class 1A		143,137		(111,225	)		31,912
American Funds Global Growth Fund - Class 2		429,785		(635,279	)		(205,494	)
American Funds Global Growth Fund - Class 4		1,124,719		(814,958	)		309,761
American Funds Global Small Capitalization Fund - Class 1		3,474		(6,520	)		(3,046	)
American Funds Global Small Capitalization Fund - Class 1A		56,300		(18,425	)		37,875
American Funds Global Small Capitalization Fund - Class 2		1,356,626		(499,938	)		856,688
American Funds Global Small Capitalization Fund - Class 4		351,595		(226,168	)		125,427
American Funds Growth Fund - Class 1		10,859		(18,648	)		(7,789	)
American Funds Growth Fund - Class 1A		339,295		(250,594	)		88,701
American Funds Growth Fund - Class 2		1,779,899		(1,718,528	)		61,371
American Funds Growth Fund - Class 4		4,484,353		(1,602,819	)		2,881,534
American Funds Growth-Income Fund - Class 1		1,610		(5,874	)		(4,264	)
American Funds Growth-Income Fund - Class 1A		274,566		(183,765	)		90,801
American Funds Growth-Income Fund - Class 2		932,480		(4,535,111	)		(3,602,631	)
American Funds Growth-Income Fund - Class 4		3,013,614		(893,180	)		2,120,434
American Funds High-Income Trust - Class 1		153		(23,109	)		(22,956	)
American Funds High-Income Trust - Class 1A		29,701		(33,848	)		(4,147	)
American Funds International Fund - Class 1		8,145		(11,334	)		(3,189	)
American Funds International Fund - Class 1A		179,020		(81,589	)		97,431
American Funds International Fund - Class 2		1,167,227		(1,698,436	)		(531,209	)
American Funds International Fund - Class 4		950,744		(532,519	)		418,225
American Funds International Growth and Income Fund - Class 1		7,466		(12,238	)		(4,772	)
American Funds International Growth and Income Fund - Class 1A		43,417		(69,003	)		(25,586	)
American Funds Managed Risk Asset Allocation Fund - Class P1		80,477		(46,057	)		34,420
American Funds Managed Risk Asset Allocation Fund - Class P2		247,882		(798,917	)		(551,035	)
American Funds Managed Risk Growth Fund - Class P1		64,220		(58,533	)		5,687
American Funds Managed Risk Growth-Income Fund - Class P1		41,052		(26,044	)		15,008
American Funds Managed Risk International Fund - Class P1		51,768		(29,641	)		22,127
American Funds Managed Risk Washington Mutual Investors Fund - Class P1		76,699		(36,756	)		39,943
American Funds Mortgage Fund - Class 1		1,408		(7,789	)		(6,381	)
American Funds Mortgage Fund - Class 1A		63,807		(97,004	)		(33,197	)
American Funds Mortgage Fund - Class 4		188,187		(78,212	)		109,975
American Funds New World Fund®​ - Class 1		14,996		(10,260	)		4,736
American Funds New World Fund®​ - Class 1A		104,321		(88,995	)		15,326
American Funds New World Fund®​ - Class 4		458,321		(311,750	)		146,571
American Funds The Bond Fund of America - Class 1		16,605		(68,954	)		(52,349	)
American Funds The Bond Fund of America - Class 1A		178,999		(154,614	)		24,385
American Funds U.S. Government Securities Fund - Class 1		10,300		(6,234	)		4,066
American Funds U.S. Government Securities Fund - Class 1A		276,911		(301,283	)		(24,372	)
American Funds Washington Mutual Investors Fund - Class 1		19,403		(15,352	)		4,051
American Funds Washington Mutual Investors Fund - Class 1A		259,830		(235,270	)		24,560
American Funds Washington Mutual Investors Fund - Class 4		1,619,825		(820,779	)		799,046
BlackRock Global Allocation V.I. Fund - Class I		84,323		(470,356	)		(386,033	)
BlackRock Global Allocation V.I. Fund - Class III		791,943		(52,508,073	)		(51,716,130	)
ClearBridge Variable Aggressive Growth Portfolio - Class I		3,968		(4,657	)		(689	)
ClearBridge Variable Aggressive Growth Portfolio - Class II		155,568		(178,760	)		(23,192	)
ClearBridge Variable Large Cap Growth Portfolio - Class I		129,261		(141,838	)		(12,577	)
ClearBridge Variable Large Cap Growth Portfolio - Class II		1,840,093		(749,931	)		1,090,162
ClearBridge Variable Mid Cap Portfolio - Class I		17,280		(25,449	)		(8,169	)
ClearBridge Variable Mid Cap Portfolio - Class II		496,353		(423,961	)		72,392
Columbia VP Commodity Strategy Fund - Class 1		165,641		(83,414	)		82,227
Columbia VP Commodity Strategy Fund - Class 2		972,154		(419,401	)		552,753
Columbia VP Emerging Markets Bond Fund - Class 1		9,979		(31,654	)		(21,675	)
Columbia VP Emerging Markets Bond Fund - Class 2		71,424		(193,797	)		(122,373	)
Columbia VP Strategic Income Fund - Class 1		45,203		(52,049	)		(6,846	)

N-173

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
Columbia VP Strategic Income Fund - Class 2		330,150		(308,699	)		21,451
Delaware Ivy VIP Asset Strategy Portfolio - Class I		87		(203	)		(116	)
Delaware Ivy VIP Asset Strategy Portfolio - Class II		49,751		(111,214	)		(61,463	)
Delaware Ivy VIP Energy Portfolio - Class I		97,733		(76,112	)		21,621
Delaware Ivy VIP Energy Portfolio - Class II		3,547,249		(1,901,355	)		1,645,894
Delaware Ivy VIP High Income Portfolio - Class I		84,906		(75,281	)		9,625
Delaware Ivy VIP High Income Portfolio - Class II		171,868		(416,888	)		(245,020	)
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I		48,435		(58,512	)		(10,077	)
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II		407,474		(288,573	)		118,901
Delaware Ivy VIP Science and Technology Portfolio - Class I		23,030		(29,619	)		(6,589	)
Delaware Ivy VIP Science and Technology Portfolio - Class II		323,767		(404,727	)		(80,960	)
Delaware Ivy VIP Small Cap Growth Portfolio - Class I		40,369		(4,360	)		36,009
Delaware Ivy VIP Small Cap Growth Portfolio - Class II		210,450		(111,309	)		99,141
Delaware VIP®​ Emerging Markets Series - Service Class		1,162,198		(1,004,869	)		157,329
Delaware VIP®​ Emerging Markets Series - Standard Class		51,119		(10,633	)		40,486
Delaware VIP®​ International Series - Standard Class		63		(112	)		(49	)
Delaware VIP®​ Small Cap Value Series - Service Class		830,652		(1,155,547	)		(324,895	)
Delaware VIP®​ Small Cap Value Series - Standard Class		50,010		(52,136	)		(2,126	)
DWS Alternative Asset Allocation VIP Portfolio - Class A		87,678		(23,050	)		64,628
DWS Alternative Asset Allocation VIP Portfolio - Class B		268,510		(471,133	)		(202,623	)
DWS Equity 500 Index VIP Portfolio - Class A		17,302		(24,746	)		(7,444	)
DWS Small Cap Index VIP Portfolio - Class A		1,705		(9,097	)		(7,392	)
Eaton Vance VT Floating-Rate Income Fund - ADV Class		66,075		(53,534	)		12,541
Eaton Vance VT Floating-Rate Income Fund - Initial Class		1,630,478		(1,554,856	)		75,622
Fidelity®​ VIP Balanced Portfolio - Initial Class		195,568		(77,003	)		118,565
Fidelity®​ VIP Balanced Portfolio - Service Class 2		5,549,299		(2,055,678	)		3,493,621
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class		47,883		(105,672	)		(57,789	)
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2		2,458,354		(1,483,899	)		974,455
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class		1,427		(3,667	)		(2,240	)
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2		310,550		(396,387	)		(85,837	)
Fidelity®​ VIP Growth Portfolio - Initial Class		34,620		(37,881	)		(3,261	)
Fidelity®​ VIP Growth Portfolio - Service Class 2		1,487,470		(515,637	)		971,833
Fidelity®​ VIP Mid Cap Portfolio - Initial Class		50,511		(27,332	)		23,179
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2		748,311		(1,494,519	)		(746,208	)
Fidelity®​ VIP Strategic Income Portfolio - Initial Class		221,345		(94,063	)		127,282
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2		513,719		(735,608	)		(221,889	)
First Trust Capital Strength Portfolio - Class I		3,092,558		(621,801	)		2,470,757
First Trust Capital Strength Portfolio - Class II		43,964		(16,025	)		27,939
First Trust Dorsey Wright Tactical Core Portfolio - Class I		157,870		(139,668	)		18,202
First Trust Dorsey Wright Tactical Core Portfolio - Class II		4,351		(14,178	)		(9,827	)
First Trust International Developed Capital Strength Portfolio - Class I		231,766		(48,619	)		183,147
First Trust International Developed Capital Strength Portfolio - Class II		12,543		(923	)		11,620
First Trust Multi Income Allocation Portfolio - Class I		188,026		(82,140	)		105,886
First Trust Multi Income Allocation Portfolio - Class II		1		(1,619	)		(1,618	)
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I		1,068,964		(1,602,622	)		(533,658	)
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II		9,176		(3,503	)		5,673
Franklin Allocation VIP Fund - Class 1		2,723		(2,723	)		—
Franklin Allocation VIP Fund - Class 4		333,381		(157,723	)		175,658
Franklin Income VIP Fund - Class 1		52,525		(14,052	)		38,473
Franklin Income VIP Fund - Class 2		346,840		(3,326,824	)		(2,979,984	)
Franklin Income VIP Fund - Class 4		3,116,784		(1,317,767	)		1,799,017
Franklin Multi-Asset Variable Conservative Growth - Class I		3,591		(3,635	)		(44	)
Franklin Multi-Asset Variable Conservative Growth - Class II		252,706		(317,335	)		(64,629	)
Franklin Mutual Shares VIP Fund - Class 1		1,123		(4,136	)		(3,013	)
Franklin Mutual Shares VIP Fund - Class 2		163,057		(4,397,234	)		(4,234,177	)
Franklin Mutual Shares VIP Fund - Class 4		341,875		(450,120	)		(108,245	)
Franklin Rising Dividends VIP Fund - Class 1		112,851		(48,828	)		64,023
Franklin Rising Dividends VIP Fund - Class 4		630,982		(319,631	)		311,351
Franklin Small Cap Value VIP Fund - Class 1		70,475		(10,777	)		59,698
Franklin Small Cap Value VIP Fund - Class 4		398,839		(184,600	)		214,239
Franklin Small-Mid Cap Growth VIP Fund - Class 1		17,862		(5,662	)		12,200
Franklin Small-Mid Cap Growth VIP Fund - Class 4		158,103		(102,503	)		55,600

N-174

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
Goldman Sachs VIT Government Money Market Fund - Institutional Shares		62,001		(3,612	)		58,389
Goldman Sachs VIT Government Money Market Fund - Service Shares		1,278,403		(912,946	)		365,457
Goldman Sachs VIT Large Cap Value Fund - Service Shares		62,999		(683,251	)		(620,252	)
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares		97,142		(35,770	)		61,372
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares		22,759		(35,852	)		(13,093	)
Guggenheim VT Long Short Equity		197,174		(193,903	)		3,271
Guggenheim VT Multi-Hedge Strategies		564,171		(325,841	)		238,330
Hartford Capital Appreciation HLS Fund - Class IA		7		(199	)		(192	)
Hartford Capital Appreciation HLS Fund - Class IC		50,067		(134,661	)		(84,594	)
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares		14,382		(14,516	)		(134	)
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares		150,296		(204,074	)		(53,778	)
Invesco V.I. American Franchise Fund - Series I Shares		2,531		(16,392	)		(13,861	)
Invesco V.I. American Franchise Fund - Series II Shares		487		(1,224	)		(737	)
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares		22		(6,759	)		(6,737	)
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares		32,072		(108,388	)		(76,316	)
Invesco V.I. Comstock Fund - Series I Shares		149,520		(47,757	)		101,763
Invesco V.I. Comstock Fund - Series II Shares		1,732,379		(376,344	)		1,356,035
Invesco V.I. Core Equity Fund - Series I Shares		10,111		(38,928	)		(28,817	)
Invesco V.I. Core Equity Fund - Series II Shares		1,775		(1,711	)		64
Invesco V.I. Diversified Dividend Fund - Series I Shares		58,007		(18,234	)		39,773
Invesco V.I. Diversified Dividend Fund - Series II Shares		441,353		(235,876	)		205,477
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares		217,275		(169,884	)		47,391
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares		1,450,279		(1,599,771	)		(149,492	)
Invesco V.I. Equity and Income Fund - Series I Shares		44,301		(12,802	)		31,499
Invesco V.I. Equity and Income Fund - Series II Shares		999,500		(732,047	)		267,453
Invesco V.I. EQV International Equity Fund - Series I Shares		83,931		(55,250	)		28,681
Invesco V.I. EQV International Equity Fund - Series II Shares		311,034		(304,909	)		6,125
Invesco V.I. Global Fund - Series II Shares		30,749		(15,960	)		14,789
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares		32,181		(17,988	)		14,193
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares		442,756		(283,144	)		159,612
Janus Henderson Balanced Portfolio - Service Shares		19,058		(56,829	)		(37,771	)
Janus Henderson Enterprise Portfolio - Service Shares		1,166		(7,709	)		(6,543	)
Janus Henderson Global Research Portfolio - Service Shares		201		(2,504	)		(2,303	)
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2		13,530		(39,330	)		(25,800	)
JPMorgan Insurance Trust Income Builder Portfolio - Class 1		30		(361	)		(331	)
JPMorgan Insurance Trust Income Builder Portfolio - Class 2		6,984		(42,250	)		(35,266	)
Lincoln Hedged Nasdaq-100 Fund - Service Class		84,949		(6,908	)		78,041
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class		137,657		(129,920	)		7,737
Lincoln Hedged S&P 500 Conservative Fund - Service Class		380,746		(64	)		380,682
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class		244,155		(103,211	)		140,944
Lincoln Hedged S&P 500 Fund - Service Class		101,519		(14,430	)		87,089
Lincoln Hedged S&P 500 Fund 2 - Service Class		158,066		(40,882	)		117,184
Lincoln iShares®​ Fixed Income Allocation Fund - Standard Class		—		(4,172	)		(4,172	)
Lincoln iShares®​ Global Growth Allocation Fund - Standard Class		—		(35,908	)		(35,908	)
Lincoln iShares®​ U.S. Moderate Allocation Fund - Standard Class		—		(41,049	)		(41,049	)
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class		61,825		(18,630	)		43,195
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class		43,473		—			43,473
Lincoln S&P 500 Buffer Fund Feb - Service Class		172,253		(35,867	)		136,386
Lincoln S&P 500 Buffer Fund May - Service Class		136,747		(43,903	)		92,844
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class		96,927		(5,934	)		90,993
Lincoln S&P 500 Ultra Buffer Fund May - Service Class		274,319		(43,447	)		230,872
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC		602,146		(1,453,961	)		(851,815	)
Lord Abbett Series Fund Developing Growth Portfolio - Class VC		229,207		(250,242	)		(21,035	)
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC		9,325		(69,960	)		(60,635	)
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC		1,353,317		(962,412	)		390,905
LVIP American Balanced Allocation Fund - Service Class		982,909		(495,697	)		487,212
LVIP American Balanced Allocation Fund - Standard Class		97,523		(47,199	)		50,324
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class		367,728		(3,194,654	)		(2,826,926	)
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class		151,881		(203,161	)		(51,280	)
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class		33		(1,086	)		(1,053	)
LVIP American Global Growth Allocation Managed Risk Fund - Service Class		151,893		(634,263	)		(482,370	)
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class		—		(305	)		(305	)

N-175

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
LVIP American Global Growth Fund - Service Class II		923,089		(2,739,091	)		(1,816,002	)
LVIP American Global Small Capitalization Fund - Service Class II		367,828		(344,411	)		23,417
LVIP American Growth Allocation Fund - Service Class		500,695		(789,883	)		(289,188	)
LVIP American Growth Allocation Fund - Standard Class		21,091		(8,626	)		12,465
LVIP American Growth Fund - Service Class II		4,113,603		(1,280,090	)		2,833,513
LVIP American Growth-Income Fund - Service Class II		2,191,414		(1,703,197	)		488,217
LVIP American Income Allocation Fund - Standard Class		4,382		(5,462	)		(1,080	)
LVIP American International Fund - Service Class II		4,301,717		(1,196,324	)		3,105,393
LVIP American Preservation Fund - Service Class		822,470		(1,007,685	)		(185,215	)
LVIP American Preservation Fund - Standard Class		3,727		(4,789	)		(1,062	)
LVIP Baron Growth Opportunities Fund - Service Class		1,180,972		(730,723	)		450,249
LVIP Baron Growth Opportunities Fund - Standard Class		20,630		(31,478	)		(10,848	)
LVIP BlackRock Advantage Allocation Fund - Service Class		111,761		(996,591	)		(884,830	)
LVIP BlackRock Advantage Allocation Fund - Standard Class		33		(37,417	)		(37,384	)
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class		2,447,788		(8,534,677	)		(6,086,889	)
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class		4,728		(6,852	)		(2,124	)
LVIP BlackRock Global Allocation Fund - Service Class		52,546,657		(2,843,515	)		49,703,142
LVIP BlackRock Global Allocation Fund - Standard Class		504,506		(15,708	)		488,798
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class		371,053		(5,829,815	)		(5,458,762	)
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class		130		(374	)		(244	)
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class		751,327		(2,552,364	)		(1,801,037	)
LVIP BlackRock Inflation Protected Bond Fund - Service Class		7,376,888		(9,648,660	)		(2,271,772	)
LVIP BlackRock Inflation Protected Bond Fund - Standard Class		1,066,659		(971,934	)		94,725
LVIP BlackRock Real Estate Fund - Service Class		750,460		(801,529	)		(51,069	)
LVIP BlackRock Real Estate Fund - Standard Class		47,902		(40,432	)		7,470
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class		1,809,613		(2,839,145	)		(1,029,532	)
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class		4,071,025		(1,768,618	)		2,302,407
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class		18,751		(11,772	)		6,979
LVIP Blended Mid Cap Managed Volatility Fund - Service Class		3,941,335		(3,101,530	)		839,805
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class		62		(258	)		(196	)
LVIP Channing Small Cap Value Fund - Service Class		32,400		(168	)		32,232
LVIP Channing Small Cap Value Fund - Standard Class		9,192		(8,765	)		427
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class		447,773		(2,414,788	)		(1,967,015	)
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class		189		(192	)		(3	)
LVIP Delaware Bond Fund - Service Class		6,255,180		(24,331,469	)		(18,076,289	)
LVIP Delaware Bond Fund - Standard Class		493,534		(664,525	)		(170,991	)
LVIP Delaware Diversified Floating Rate Fund - Service Class		5,668,043		(11,669,984	)		(6,001,941	)
LVIP Delaware Diversified Floating Rate Fund - Standard Class		523,485		(125,196	)		398,289
LVIP Delaware Diversified Income Fund - Service Class		1,758,400		(13,395,169	)		(11,636,769	)
LVIP Delaware Diversified Income Fund - Standard Class		159,090		(193,846	)		(34,756	)
LVIP Delaware High Yield Fund - Service Class		258,310		(638,557	)		(380,247	)
LVIP Delaware High Yield Fund - Standard Class		92,920		(103,273	)		(10,353	)
LVIP Delaware Limited-Term Diversified Income Fund - Service Class		1,178,745		(15,328,360	)		(14,149,615	)
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class		65,748		(190,849	)		(125,101	)
LVIP Delaware Mid Cap Value Fund - Service Class		1,081,342		(603,665	)		477,677
LVIP Delaware Mid Cap Value Fund - Standard Class		160,732		(21,024	)		139,708
LVIP Delaware SMID Cap Core Fund - Service Class		294,394		(554,474	)		(260,080	)
LVIP Delaware SMID Cap Core Fund - Standard Class		6,086		(26,660	)		(20,574	)
LVIP Delaware Social Awareness Fund - Service Class		153,823		(224,896	)		(71,073	)
LVIP Delaware Social Awareness Fund - Standard Class		18,759		(15,618	)		3,141
LVIP Delaware U.S. Growth Fund - Service Class		533,353		(528,058	)		5,295
LVIP Delaware U.S. Growth Fund - Standard Class		5,329		(14,545	)		(9,216	)
LVIP Delaware U.S. REIT Fund - Service Class		459,200		(716,215	)		(257,015	)
LVIP Delaware U.S. REIT Fund - Standard Class		58,979		(59,633	)		(654	)
LVIP Delaware Value Fund - Service Class		693,416		(1,453,033	)		(759,617	)
LVIP Delaware Value Fund - Standard Class		8,819		(53,174	)		(44,355	)
LVIP Delaware Wealth Builder Fund - Service Class		175,039		(202,746	)		(27,707	)
LVIP Delaware Wealth Builder Fund - Standard Class		31,970		(42,108	)		(10,138	)
LVIP Dimensional International Core Equity Fund - Service Class		3,916,681		(1,064,002	)		2,852,679
LVIP Dimensional International Core Equity Fund - Standard Class		261,838		(245,650	)		16,188
LVIP Dimensional International Equity Managed Volatility Fund - Service Class		3,525,921		(6,926,399	)		(3,400,478	)
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class		59,971		(66,470	)		(6,499	)

N-176

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class		892,546		(619,428	)		273,118
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class		131,694		(159,329	)		(27,635	)
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class		1,332,691		(573,921	)		758,770
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class		229,817		(136,259	)		93,558
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class		769,007		(3,320,712	)		(2,551,705	)
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class		97,465		(96,750	)		715
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class		777,349		(2,279,117	)		(1,501,768	)
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class		229		(2,837	)		(2,608	)
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class		1,110,645		(6,284,746	)		(5,174,101	)
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Service Class		89,356		(1,795,535	)		(1,706,179	)
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Standard Class		4,167		(12,242	)		(8,075	)
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class		659,422		(1,639,731	)		(980,309	)
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class		79,246		(94,494	)		(15,248	)
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class		609,201		(1,273,123	)		(663,922	)
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class		51,375		(33,493	)		17,882
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class		798,034		(1,493,767	)		(695,733	)
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class		110,218		(131,496	)		(21,278	)
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class		388,156		(714,066	)		(325,910	)
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class		205,438		(214,013	)		(8,575	)
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class		2,162,040		(906,361	)		1,255,679
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class		10,580		(54,001	)		(43,421	)
LVIP Global Conservative Allocation Managed Risk Fund - Service Class		426,213		(5,556,515	)		(5,130,302	)
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class		56,972		(28,289	)		28,683
LVIP Global Growth Allocation Managed Risk Fund - Service Class		11,021		(37,424,732	)		(37,413,711	)
LVIP Global Growth Allocation Managed Risk Fund - Standard Class		105,288		(151,019	)		(45,731	)
LVIP Global Moderate Allocation Managed Risk Fund - Service Class		147,292		(29,071,330	)		(28,924,038	)
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class		61,964		(84,761	)		(22,797	)
LVIP Government Money Market Fund - Service Class		47,631,184		(29,503,811	)		18,127,373
LVIP Government Money Market Fund - Standard Class		4,366,363		(3,364,894	)		1,001,469
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class		1,190,057		(3,948,679	)		(2,758,622	)
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class		93		(810	)		(717	)
LVIP JPMorgan Core Bond Fund - Service Class		2,986,116		(2,219,088	)		767,028
LVIP JPMorgan Core Bond Fund - Standard Class		104,953		(148,225	)		(43,272	)
LVIP JPMorgan High Yield Fund - Service Class		2,008,905		(3,890,843	)		(1,881,938	)
LVIP JPMorgan High Yield Fund - Standard Class		196,479		(95,566	)		100,913
LVIP JPMorgan Retirement Income Fund - Service Class		516,093		(254,884	)		261,209
LVIP JPMorgan Retirement Income Fund - Standard Class		37		(399	)		(362	)
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class		271,215		(4,114,549	)		(3,843,334	)
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class		47		(2,133	)		(2,086	)
LVIP Loomis Sayles Global Growth Fund - Service Class		15,221		(44,082	)		(28,861	)
LVIP Loomis Sayles Global Growth Fund - Standard Class		1,072		(7,011	)		(5,939	)
LVIP MFS International Equity Managed Volatility Fund - Service Class		2,627,090		(2,801,169	)		(174,079	)
LVIP MFS International Growth Fund - Service Class		1,086,986		(1,491,545	)		(404,559	)
LVIP MFS International Growth Fund - Standard Class		15,773		(19,571	)		(3,798	)
LVIP MFS Value Fund - Service Class		1,377,430		(4,882,281	)		(3,504,851	)
LVIP MFS Value Fund - Standard Class		87,088		(42,778	)		44,310
LVIP Mondrian Global Income Fund - Service Class		763,834		(5,334,730	)		(4,570,896	)
LVIP Mondrian Global Income Fund - Standard Class		35,035		(14,734	)		20,301
LVIP Mondrian International Value Fund - Service Class		1,730,194		(2,217,402	)		(487,208	)
LVIP Mondrian International Value Fund - Standard Class		47,178		(57,240	)		(10,062	)
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class		394,650		(697,164	)		(302,514	)
LVIP PIMCO Low Duration Bond Fund - Service Class		14,688,347		(11,599,578	)		3,088,769
LVIP PIMCO Low Duration Bond Fund - Standard Class		428,285		(300,515	)		127,770
LVIP SSGA Bond Index Fund - Service Class		2,627,110		(8,009,724	)		(5,382,614	)
LVIP SSGA Bond Index Fund - Standard Class		260,469		(358,619	)		(98,150	)
LVIP SSGA Conservative Index Allocation Fund - Service Class		612,894		(977,312	)		(364,418	)
LVIP SSGA Conservative Index Allocation Fund - Standard Class		38,341		(28,960	)		9,381
LVIP SSGA Emerging Markets Equity Index Fund - Service Class		341,731		(208,048	)		133,683
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class		73,735		(47,665	)		26,070
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class		414,585		(4,458,027	)		(4,043,442	)
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class		48,329		(77,409	)		(29,080	)
LVIP SSGA International Index Fund - Service Class		985,656		(2,618,174	)		(1,632,518	)

N-177

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
LVIP SSGA International Index Fund - Standard Class		285,727		(146,817	)		138,910
LVIP SSGA International Managed Volatility Fund - Service Class		1,707,676		(2,590,605	)		(882,929	)
LVIP SSGA International Managed Volatility Fund - Standard Class		454		(918	)		(464	)
LVIP SSGA Large Cap Managed Volatility Fund - Service Class		1,491,067		(2,319,466	)		(828,399	)
LVIP SSGA Mid-Cap Index Fund - Service Class		981,169		(1,110,030	)		(128,861	)
LVIP SSGA Mid-Cap Index Fund - Standard Class		169,245		(81,432	)		87,813
LVIP SSGA Moderate Index Allocation Fund - Service Class		1,017,799		(1,690,152	)		(672,353	)
LVIP SSGA Moderate Index Allocation Fund - Standard Class		61,643		(143,606	)		(81,963	)
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class		668,792		(930,892	)		(262,100	)
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class		120,144		(1,607	)		118,537
LVIP SSGA Nasdaq-100 Index Fund - Service Class		494,539		(477,143	)		17,396
LVIP SSGA Nasdaq-100 Index Fund - Standard Class		73,894		(70,571	)		3,323
LVIP SSGA S&P 500 Index Fund - Service Class		4,040,533		(2,880,068	)		1,160,465
LVIP SSGA S&P 500 Index Fund - Standard Class		861,340		(380,799	)		480,541
LVIP SSGA Short-Term Bond Index Fund - Service Class		5,369,428		(2,520,029	)		2,849,399
LVIP SSGA Short-Term Bond Index Fund - Standard Class		553,512		(368,627	)		184,885
LVIP SSGA Small-Cap Index Fund - Service Class		1,504,480		(1,820,845	)		(316,365	)
LVIP SSGA Small-Cap Index Fund - Standard Class		274,497		(131,216	)		143,281
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class		2,697,801		(2,674,017	)		23,784
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class		1,214		(1,635	)		(421	)
LVIP Structured Conservative Allocation Fund - Service Class		666,373		(1,582,085	)		(915,712	)
LVIP Structured Conservative Allocation Fund - Standard Class		5,517		(4,303	)		1,214
LVIP Structured Moderate Allocation Fund - Service Class		301,685		(3,860,594	)		(3,558,909	)
LVIP Structured Moderate Allocation Fund - Standard Class		247		(18,153	)		(17,906	)
LVIP Structured Moderately Aggressive Allocation Fund - Service Class		171,148		(2,033,684	)		(1,862,536	)
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class		102		(22,713	)		(22,611	)
LVIP T. Rowe Price 2010 Fund - Service Class		5,333		(300,543	)		(295,210	)
LVIP T. Rowe Price 2020 Fund - Service Class		6,925		(58,223	)		(51,298	)
LVIP T. Rowe Price 2030 Fund - Service Class		24,092		(31,395	)		(7,303	)
LVIP T. Rowe Price 2040 Fund - Service Class		16,639		(26,235	)		(9,596	)
LVIP T. Rowe Price Growth Stock Fund - Service Class		1,148,328		(884,727	)		263,601
LVIP T. Rowe Price Growth Stock Fund - Standard Class		60,818		(57,524	)		3,294
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class		793,757		(604,001	)		189,756
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class		23,026		(9,426	)		13,600
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class		2,251,518		(1,111,523	)		1,139,995
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class		24,613		(23,249	)		1,364
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class		6,003,921		(4,674,718	)		1,329,203
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class		36,389		(35,620	)		769
LVIP Vanguard Bond Allocation Fund - Service Class		4,803,882		(7,565,606	)		(2,761,724	)
LVIP Vanguard Bond Allocation Fund - Standard Class		569,014		(631,694	)		(62,680	)
LVIP Vanguard Domestic Equity ETF Fund - Service Class		1,776,567		(1,369,943	)		406,624
LVIP Vanguard Domestic Equity ETF Fund - Standard Class		97,335		(105,362	)		(8,027	)
LVIP Vanguard International Equity ETF Fund - Service Class		2,030,139		(1,100,281	)		929,858
LVIP Vanguard International Equity ETF Fund - Standard Class		246,850		(144,893	)		101,957
LVIP Wellington Capital Growth Fund - Service Class		888,950		(802,530	)		86,420
LVIP Wellington Capital Growth Fund - Standard Class		40,773		(98,932	)		(58,159	)
LVIP Wellington SMID Cap Value Fund - Service Class		605,023		(998,450	)		(393,427	)
LVIP Wellington SMID Cap Value Fund - Standard Class		10,347		(18,295	)		(7,948	)
LVIP Western Asset Core Bond Fund - Service Class		2,659,779		(4,254,824	)		(1,595,045	)
LVIP Western Asset Core Bond Fund - Standard Class		357,628		(206,425	)		151,203
MFS®​ VIT Growth Series - Initial Class		11,475		(22,906	)		(11,431	)
MFS®​ VIT Growth Series - Service Class		800,908		(513,316	)		287,592
MFS®​ VIT Total Return Series - Initial Class		30,863		(52,109	)		(21,246	)
MFS®​ VIT Total Return Series - Service Class		889,765		(857,861	)		31,904
MFS®​ VIT Utilities Series - Initial Class		32,385		(39,188	)		(6,803	)
MFS®​ VIT Utilities Series - Service Class		896,548		(706,811	)		189,737
MFS®​ VIT II Core Equity Portfolio - Service Class		1,122		(6,637	)		(5,515	)
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class		40,134		(20,311	)		19,823
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class		275,765		(324,809	)		(49,044	)
Morgan Stanley VIF Global Infrastructure Portfolio - Class I		97,050		(47,753	)		49,297
Morgan Stanley VIF Global Infrastructure Portfolio - Class II		313,838		(184,109	)		129,729
Morgan Stanley VIF Growth Portfolio - Class II		22,829		(13,778	)		9,051

N-178

Lincoln Life Variable Annuity Account N

Notes to financial statements (continued)

6. Changes in Units Outstanding (continued)

Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class		10,987		(74,259	)		(63,272	)
PIMCO VIT All Asset Portfolio - Advisor Class		47,331		(84,377	)		(37,046	)
PIMCO VIT All Asset Portfolio - Institutional Class		749		(9,420	)		(8,671	)
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class		1,041,350		(730,466	)		310,884
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class		13,373		(10,406	)		2,967
PIMCO VIT Dynamic Bond Portfolio - Advisor Class		44,102		(119,777	)		(75,675	)
PIMCO VIT Dynamic Bond Portfolio - Institutional Class		2,287		(2,835	)		(548	)
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class		9,473		(42,956	)		(33,483	)
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class		2,391		(2,316	)		75
Putnam VT George Putnam Balanced Fund - Class IA		46,178		(2,952	)		43,226
Putnam VT George Putnam Balanced Fund - Class IB		845,338		(848,861	)		(3,523	)
Putnam VT Global Health Care Fund - Class IA		59,148		(53,997	)		5,151
Putnam VT Global Health Care Fund - Class IB		359,849		(324,216	)		35,633
Putnam VT Income Fund - Class IA		5,481		(56,875	)		(51,394	)
Putnam VT Income Fund - Class IB		210,455		(211,551	)		(1,096	)
Putnam VT Large Cap Value Fund - Class IA		332,737		(71,373	)		261,364
Putnam VT Large Cap Value Fund - Class IB		5,211,641		(731,131	)		4,480,510
Putnam VT Multi-Asset Absolute Return Fund - Class IA		39,838		(35,382	)		4,456
Putnam VT Multi-Asset Absolute Return Fund - Class IB		95,636		(53,875	)		41,761
Putnam VT Sustainable Future Fund - Class IB		4,038		(58	)		3,980
Putnam VT Sustainable Leaders Fund - Class IB		594		(7	)		587
Templeton Foreign VIP Fund - Class 1		23,183		(21,467	)		1,716
Templeton Foreign VIP Fund - Class 4		104,853		(110,348	)		(5,495	)
Templeton Global Bond VIP Fund - Class 1		92,625		(93,498	)		(873	)
Templeton Global Bond VIP Fund - Class 2		241,046		(2,627,580	)		(2,386,534	)
Templeton Global Bond VIP Fund - Class 4		73,890		(578,316	)		(504,426	)
Templeton Growth VIP Fund - Class 2		95,762		(221,169	)		(125,407	)
TOPS®​ Balanced ETF Portfolio - Service Class Shares		15,781		(251	)		15,530
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares		—		(64,847	)		(64,847	)
VanEck VIP Global Resources Fund - Class S Shares		1,109,747		(627,788	)		481,959
VanEck VIP Global Resources Fund - Initial Class Shares		56,630		(40,034	)		16,596
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares		235,314		(226,746	)		8,568
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares		46,057		(4,061	)		41,996

7. Subsequent Events

Management evaluated subsequent events through the date these financial statements were issued and determined there were no additional matters to be disclosed.

N-179

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of The Lincoln National Life Insurance Company
and

Contract Owners of Lincoln Life Variable Annuity Account N

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Lincoln Life Variable Annuity Account N ("Variable Account"), as of December 31, 2023, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2023, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Variable Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Variable Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Ernst & Young LLP

We have served as the Variable Account's Auditor since 1998.
Philadelphia, Pennsylvania
April 10, 2024

N-180

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
AB VPS Discovery Value Portfolio - Class A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
AB VPS Discovery Value Portfolio - Class B	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
AB VPS Large Cap Growth Portfolio - Class B	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
AB VPS Sustainable Global Thematic Portfolio - Class B	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ALPS Global Opportunity Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ALPS Global Opportunity Portfolio - Class III	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ALPS/Alerian Energy Infrastructure Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ALPS/Alerian Energy Infrastructure Portfolio - Class III	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Century VP Balanced Fund - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Century VP Balanced Fund - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Century VP Inflation Protection Fund - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Century VP Large Company Value Fund - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Century VP Large Company Value Fund - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Asset Allocation Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Asset Allocation Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Asset Allocation Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital Income Builder®​ - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital Income Builder®​ - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital Income Builder®​ - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital World Bond Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital World Bond Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital World Growth and Income Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Capital World Growth and Income Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Balanced Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-181

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
American Funds Global Balanced Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Growth Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Growth Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Growth Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Growth Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Small Capitalization Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Small Capitalization Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Small Capitalization Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Global Small Capitalization Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth-Income Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth-Income Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth-Income Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Growth-Income Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds High-Income Trust - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds High-Income Trust - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds International Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds International Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds International Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds International Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds International Growth and Income Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-182

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
American Funds International Growth and Income Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Managed Risk Asset Allocation Fund - Class P1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Managed Risk Asset Allocation Fund - Class P2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Managed Risk Growth Fund - Class P1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Managed Risk Growth-Income Fund - Class P1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Managed Risk International Fund - Class P1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Managed Risk Washington Mutual Investors Fund - Class P1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Mortgage Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Mortgage Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Mortgage Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds New World Fund®​ - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds New World Fund®​ - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds New World Fund®​ - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds The Bond Fund of America - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds The Bond Fund of America - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds U.S. Government Securities Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds U.S. Government Securities Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Washington Mutual Investors Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Washington Mutual Investors Fund - Class 1A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
American Funds Washington Mutual Investors Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
BlackRock Global Allocation V.I. Fund - Class I	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners

N-183

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
BlackRock Global Allocation V.I. Fund - Class III	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
ClearBridge Variable Aggressive Growth Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ClearBridge Variable Aggressive Growth Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ClearBridge Variable Large Cap Growth Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ClearBridge Variable Large Cap Growth Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ClearBridge Variable Mid Cap Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
ClearBridge Variable Mid Cap Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Columbia VP Commodity Strategy Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Columbia VP Commodity Strategy Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Columbia VP Emerging Markets Bond Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Columbia VP Emerging Markets Bond Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Columbia VP Strategic Income Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Columbia VP Strategic Income Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Asset Strategy Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Asset Strategy Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Energy Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Energy Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP High Income Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP High Income Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Mid Cap Growth Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Mid Cap Growth Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Science and Technology Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Science and Technology Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-184

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Delaware Ivy VIP Small Cap Growth Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware Ivy VIP Small Cap Growth Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware VIP®​ Emerging Markets Series - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware VIP®​ Emerging Markets Series - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware VIP®​ International Series - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware VIP®​ Small Cap Value Series - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Delaware VIP®​ Small Cap Value Series - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
DWS Alternative Asset Allocation VIP Portfolio - Class A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
DWS Alternative Asset Allocation VIP Portfolio - Class B	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
DWS Equity 500 Index VIP Portfolio - Class A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
DWS Small Cap Index VIP Portfolio - Class A	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Eaton Vance VT Floating-Rate Income Fund - ADV Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Eaton Vance VT Floating-Rate Income Fund - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Balanced Portfolio - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Balanced Portfolio - Service Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Consumer Discretionary Portfolio - Initial Class	Available fund with no money invested at December 31, 2023	For the period from October 2, 2023 through December 31, 2023	For the period from October 2, 2023 (commencement of operations) through December 31, 2023
Fidelity®​ VIP Consumer Discretionary Portfolio - Service Class 2	As of December 31, 2023	For the period from September 1, 2023 through December 31, 2023	For the period from September 1, 2023 (commencement of operations) through December 31, 2023
Fidelity®​ VIP Consumer Staples Portfolio - Service Class 2	As of December 31, 2023	For the period from September 1, 2023 through December 31, 2023	For the period from September 1, 2023 (commencement of operations) through December 31, 2023
Fidelity®​ VIP Contrafund®​ Portfolio - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Contrafund®​ Portfolio - Service Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Financials Portfolio - Initial Class	As of December 31, 2023	For the period from December 4, 2023 through December 31, 2023	For the period from December 4, 2023 (commencement of operations) through December 31, 2023
Fidelity®​ VIP Financials Portfolio - Service Class 2	As of December 31, 2023	For the period from September 1, 2023 through December 31, 2023	For the period from September 1, 2023 (commencement of operations) through December 31, 2023

N-185

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Investor Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP FundsManager®​ 50% Portfolio - Service Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Growth Portfolio - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Growth Portfolio - Service Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Mid Cap Portfolio - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Mid Cap Portfolio - Service Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Strategic Income Portfolio - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Strategic Income Portfolio - Service Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Fidelity®​ VIP Technology Portfolio - Initial Class	As of December 31, 2023	For the period from August 29, 2023 through December 31, 2023	For the period from August 29, 2023 (commencement of operations) through December 31, 2023
Fidelity®​ VIP Technology Portfolio - Service Class 2	As of December 31, 2023	For the period from September 1, 2023 through December 31, 2023	For the period from September 1, 2023 (commencement of operations) through December 31, 2023
First Trust Capital Strength Hedged Equity Portfolio - Class I	As of December 31, 2023	For the period from September 5, 2023 through December 31, 2023	For the period from September 5, 2023 (commencement of operations) through December 31, 2023
First Trust Capital Strength Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust Capital Strength Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust Dorsey Wright Tactical Core Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust Dorsey Wright Tactical Core Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust Growth Strength Portfolio - Class I	As of December 31, 2023	For the period from May 30, 2023 through December 31, 2023	For the period from May 30, 2023 (commencement of operations) through December 31, 2023
First Trust International Developed Capital Strength Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust International Developed Capital Strength Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust Multi Income Allocation Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust Multi Income Allocation Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-186

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Franklin Allocation VIP Fund - Class 1	Available fund with no money invested at December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and for the period from July 1, 2022 (commencement of operations) through December 31, 2022
Franklin Allocation VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Income VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Income VIP Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Income VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Multi-Asset Variable Conservative Growth - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Multi-Asset Variable Conservative Growth - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Mutual Shares VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Mutual Shares VIP Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Mutual Shares VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Rising Dividends VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Rising Dividends VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Small Cap Value VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Small Cap Value VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Small-Mid Cap Growth VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Franklin Small-Mid Cap Growth VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Goldman Sachs VIT Government Money Market Fund - Institutional Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Goldman Sachs VIT Government Money Market Fund - Service Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Goldman Sachs VIT Large Cap Value Fund - Service Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Institutional Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-187

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Guggenheim VT Long Short Equity	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Guggenheim VT Multi-Hedge Strategies	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Hartford Capital Appreciation HLS Fund - Class IA	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Hartford Capital Appreciation HLS Fund - Class IC	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco Oppenheimer V.I. International Growth Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco Oppenheimer V.I. International Growth Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. American Franchise Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. American Franchise Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Balanced-Risk Allocation Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Comstock Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Comstock Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Core Equity Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Core Equity Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Diversified Dividend Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Diversified Dividend Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Equally-Weighted S&P 500 Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Equity and Income Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Equity and Income Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. EQV International Equity Fund - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. EQV International Equity Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Global Fund - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-188

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Invesco V.I. Main Street Small Cap Fund®​ - Series I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Invesco V.I. Main Street Small Cap Fund®​ - Series II Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Janus Henderson Balanced Portfolio - Service Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Janus Henderson Enterprise Portfolio - Service Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Janus Henderson Global Research Portfolio - Service Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
JPMorgan Insurance Trust Global Allocation Portfolio - Class 2	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2023	For the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners	For the year ended December 31, 2022 and the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
JPMorgan Insurance Trust Income Builder Portfolio - Class 1	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2023	For the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners	For the year ended December 31, 2022 and the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
JPMorgan Insurance Trust Income Builder Portfolio - Class 2	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2023	For the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners	For the year ended December 31, 2022 and the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
Lincoln Hedged Nasdaq-100 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln Hedged Nasdaq-100 Fund 2 - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln Hedged S&P 500 Conservative Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from June 2, 2022 (commencement of operations) through December 31, 2022
Lincoln Hedged S&P 500 Conservative Fund 2 - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln Hedged S&P 500 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln Hedged S&P 500 Fund 2 - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln iShares®​ Fixed Income Allocation Fund - Standard Class	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
Lincoln iShares®​ Global Growth Allocation Fund - Standard Class	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners

N-189

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Lincoln iShares®​ U.S. Moderate Allocation Fund - Standard Class	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022	For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
Lincoln Nasdaq-100 Buffer Fund Jun - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln Nasdaq-100 Buffer Fund Mar - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from April 21, 2022 (commencement of operations) through December 31, 2022
Lincoln Opportunistic Hedged Equity Fund - Service Class	As of December 31, 2023	For the period from December 22, 2023 through December 31, 2023	For the period from December 22, 2023 (commencement of operations) through December 31, 2023
Lincoln S&P 500 Buffer Fund Feb - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from March 10, 2022 (commencement of operations) through December 31, 2022
Lincoln S&P 500 Buffer Fund May - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lincoln S&P 500 Ultra Buffer Fund Feb - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from March 10, 2022 (commencement of operations) through December 31, 2022
Lincoln S&P 500 Ultra Buffer Fund May - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lord Abbett Series Fund Bond Debenture Portfolio - Class VC	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lord Abbett Series Fund Developing Growth Portfolio - Class VC	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lord Abbett Series Fund Fundamental Equity Portfolio - Class VC	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Lord Abbett Series Fund Short Duration Income Portfolio - Class VC	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Balanced Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Balanced Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Global Balanced Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Global Growth Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-190

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP American Global Growth Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Global Growth Fund - Service Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Global Small Capitalization Fund - Service Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Growth Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Growth Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Growth Fund - Service Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Growth-Income Fund - Service Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Income Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American International Fund - Service Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Preservation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP American Preservation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Baron Growth Opportunities Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Baron Growth Opportunities Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Advantage Allocation Fund - Service Class	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Service Class during 2022	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Service Class during 2022	For the period from January 1, 2022 through the date when the fund merged into LVIP BlackRock Global Allocation Fund - Service Class
LVIP BlackRock Advantage Allocation Fund - Standard Class	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class during 2022	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class during 2022	For the period from January 1, 2022 through the date when the fund merged into LVIP BlackRock Global Allocation Fund - Service Class
LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Global Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from June 3, 2022 (commencement of operations) through December 31, 2022
LVIP BlackRock Global Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from June 3, 2022 (commencement of operations) through December 31, 2022

N-191

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP BlackRock Global Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Global Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Inflation Protected Bond Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Inflation Protected Bond Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Real Estate Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock Real Estate Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Blended Mid Cap Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Channing Small Cap Value Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from August 25, 2022 (commencement of operations) through December 31, 2022
LVIP Channing Small Cap Value Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from November 23, 2022 (commencement of operations) through December 31, 2022
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Bond Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Bond Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Diversified Floating Rate Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-192

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP Delaware Diversified Floating Rate Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Diversified Income Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Diversified Income Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware High Yield Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware High Yield Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Limited-Term Diversified Income Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Limited-Term Diversified Income Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Mid Cap Value Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Mid Cap Value Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware SMID Cap Core Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware SMID Cap Core Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Social Awareness Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Social Awareness Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware U.S. Growth Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware U.S. Growth Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware U.S. REIT Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware U.S. REIT Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Value Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Value Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Wealth Builder Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Delaware Wealth Builder Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional International Core Equity Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional International Core Equity Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-193

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP Dimensional International Equity Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional International Equity Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional U.S. Core Equity 1 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional U.S. Core Equity 2 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Fidelity Institutional AM®​ Select Core Equity Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class	As of December 31, 2023	For the period from May 17, 2023 through December 31, 2023	For the period from May 17, 2023 (commencement of operations) through December 31, 2023
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Service Class	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Service Class during 2022	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Service Class during 2022	For the period from January 1, 2022 through the date when the fund merged into LVIP BlackRock Global Allocation Fund - Service Class
LVIP Franklin Templeton Multi-Asset Opportunities Fund - Standard Class	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class during 2022	N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class during 2022	For the period from January 1, 2022 through the date when the fund merged into LVIP BlackRock Global Allocation Fund - Service Class
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-194

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Aggressive Growth Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Conservative Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Growth Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Growth Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Moderate Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Government Money Market Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Government Money Market Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Core Bond Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Core Bond Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan High Yield Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-195

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP JPMorgan High Yield Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Mid Cap Value Fund - Service Class	As of December 31, 2023	For the period from May 26, 2023 through December 31, 2023	For the period from May 26, 2023 (commencement of operations) through December 31, 2023
LVIP JPMorgan Mid Cap Value Fund - Standard Class	As of December 31, 2023	For the period from November 7, 2023 through December 31, 2023	For the period from November 7, 2023 (commencement of operations) through December 31, 2023
LVIP JPMorgan Retirement Income Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Retirement Income Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP JPMorgan Small Cap Core Fund - Service Class	As of December 31, 2023	For the period from May 24, 2023 through December 31, 2023	For the period from May 24, 2023 (commencement of operations) through December 31, 2023
LVIP JPMorgan Small Cap Core Fund - Standard Class	As of December 31, 2023	For the period from July 12, 2023 through December 31, 2023	For the period from July 12, 2023 (commencement of operations) through December 31, 2023
LVIP JPMorgan U.S. Equity Fund - Service Class	As of December 31, 2023	For the period from May 26, 2023 through December 31, 2023	For the period from May 26, 2023 (commencement of operations) through December 31, 2023
LVIP JPMorgan U.S. Equity Fund - Standard Class	As of December 31, 2023	For the period from June 29, 2023 through December 31, 2023	For the period from June 29, 2023 (commencement of operations) through December 31, 2023
LVIP Loomis Sayles Global Growth Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Loomis Sayles Global Growth Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP MFS International Equity Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP MFS International Growth Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP MFS International Growth Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP MFS Value Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP MFS Value Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Mondrian Global Income Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Mondrian Global Income Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-196

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP Mondrian International Value Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Mondrian International Value Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP PIMCO Low Duration Bond Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP PIMCO Low Duration Bond Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Bond Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Bond Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Conservative Index Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Conservative Index Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Emerging Markets Equity Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Emerging Markets Equity Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA International Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA International Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA International Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA International Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Large Cap Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Mid-Cap Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Mid-Cap Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Moderate Index Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-197

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP SSGA Moderate Index Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Nasdaq-100 Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Nasdaq-100 Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA S&P 500 Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA S&P 500 Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Short-Term Bond Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Short-Term Bond Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Small-Cap Index Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA Small-Cap Index Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA SMID Cap Managed Volatility Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP SSGA SMID Cap Managed Volatility Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Structured Conservative Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Structured Conservative Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Structured Moderate Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Structured Moderate Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Structured Moderately Aggressive Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Structured Moderately Aggressive Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP T. Rowe Price 2010 Fund - Service Class	N/A - the fund merged into LVIP JPMorgan Retirement Income Fund - Service Class during 2022	N/A - the fund merged into LVIP JPMorgan Retirement Income Fund - Service Class during 2022	For the period from January 1, 2022 through the date when the fund merged into LVIP JPMorgan Retirement Income Fund - Service Class
LVIP T. Rowe Price 2020 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP T. Rowe Price 2030 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP T. Rowe Price 2040 Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-198

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
LVIP T. Rowe Price Growth Stock Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP T. Rowe Price Growth Stock Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP U.S. Growth Allocation Managed Risk Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Vanguard Bond Allocation Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Vanguard Bond Allocation Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Vanguard Domestic Equity ETF Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Vanguard Domestic Equity ETF Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Vanguard International Equity ETF Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Vanguard International Equity ETF Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Wellington Capital Growth Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Wellington Capital Growth Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Wellington SMID Cap Value Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Wellington SMID Cap Value Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Western Asset Core Bond Fund - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
LVIP Western Asset Core Bond Fund - Standard Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT Growth Series - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT Growth Series - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT Total Return Series - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-199

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
MFS®​ VIT Total Return Series - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT Utilities Series - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT Utilities Series - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT II Core Equity Portfolio - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT II International Intrinsic Value Portfolio - Initial Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
MFS®​ VIT II International Intrinsic Value Portfolio - Service Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Morgan Stanley VIF Global Infrastructure Portfolio - Class I	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Morgan Stanley VIF Global Infrastructure Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Morgan Stanley VIF Growth Portfolio - Class II	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT All Asset Portfolio - Advisor Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT All Asset Portfolio - Institutional Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Advisor Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT CommodityRealReturn®​ Strategy Portfolio - Institutional Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT Dynamic Bond Portfolio - Advisor Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT Dynamic Bond Portfolio - Institutional Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
PIMCO VIT Emerging Markets Bond Portfolio - Institutional Class	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT George Putnam Balanced Fund - Class IA	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT George Putnam Balanced Fund - Class IB	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT Global Health Care Fund - Class IA	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT Global Health Care Fund - Class IB	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT Income Fund - Class IA	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT Income Fund - Class IB	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-200

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
Putnam VT Large Cap Value Fund - Class IA	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT Large Cap Value Fund - Class IB	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Putnam VT Multi-Asset Absolute Return Fund - Class IA	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2023	For the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners	For the year ended December 31, 2022 and the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
Putnam VT Multi-Asset Absolute Return Fund - Class IB	N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2023	For the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners	For the year ended December 31, 2022 and the period from January 1, 2023 through the date when the fund ceased to be available as an investment option to Variable Account contract owners
Putnam VT Sustainable Future Fund - Class IB	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from July 11, 2022 (commencement of operations) through December 31, 2022
Putnam VT Sustainable Leaders Fund - Class IA	As of December 31, 2023	For the period from October 19, 2023 through December 31, 2023	For the period from October 19, 2023 (commencement of operations) through December 31, 2023
Putnam VT Sustainable Leaders Fund - Class IB	As of December 31, 2023	For the year ended December 31, 2023	For the year ended December 31, 2023 and the period from October 17, 2022 (commencement of operations) through December 31, 2022
Templeton Foreign VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Templeton Foreign VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Templeton Global Bond VIP Fund - Class 1	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Templeton Global Bond VIP Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Templeton Global Bond VIP Fund - Class 4	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Templeton Growth VIP Fund - Class 2	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
TOPS®​ Balanced ETF Portfolio - Service Class Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
TOPS®​ Moderate Growth ETF Portfolio - Service Class Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
VanEck VIP Global Resources Fund - Class S Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
VanEck VIP Global Resources Fund - Initial Class Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023
Virtus Newfleet Multi-Sector Intermediate Bond Series - Class I Shares	As of December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

N-201